Colliers International has been appointed to sell 657- 661 Victoria Road & 4-6 Wharf Road, Melrose Park, a 4.85 hectare development site in the emerging area of Sydney’s north west.
The site has been re-zoned allowing for mixed use development and re-classification to operational land was gazzetted in August 2012.
Harry Bui and Guillaume Volz of Colliers International have been appointed exclusively to sell the property on behalf of Parramatta City Council.
“According to the Urban Design Study prepared by JBA, the site has various options for high density residential, retail and commercial developments with the highest and best use as a residential development with a total GFA up to approximately 97,000sqm for residential apartments, retail and associated car parking based on the current FSR 2:1 and 28 metre height limit,” said Mr Bui.
“Demand for residential development sites across Sydney increased in 2013 to a level not seen since 2003. There is significant capital from both Australia and Asia chasing development site opportunities such as this, and coupled with a shortage of available sites, the timing is ideal for Parramatta City Council.”
“Parramatta’s high liveability ranking is due to our forward-thinking CBD and residential design and this is an area that has been identified as being suitable for development,” a Council spokesman said.
“There is demand for more housing in Parramatta, particularly from young professionals, who are attracted to our high-rise apartment living with great shopping, entertainment and transport links at their doorstep.”
In 2013 there were a large number of development site transactions equating to $3.5 billion in Sydney. According to research from Colliers International, 53% of these purchasers were from Asia.
“We would anticipate there will be strong interest from both offshore and local developers due to the scale and location of this site,” said Mr Volz. “In the last quarter of 2013 we sold in excess of $500 million worth of residential development sites, so the demand for such assets is extremely high. We are working with a number of offshore investors who are seeking such opportunities; however, our greatest challenge is the availability of such assets coming to market.”
Melrose Park is a suburb of Sydney, New South Wales, Australia 17 kilometres north-west of the Sydney central business district and approximately 2 kilometres west of the main shopping centre hub of West Ryde. Melrose Park is one of the fastest developing suburbs of residential developments of the Northern Suburbs area. It sits on the northern bank of the Parramatta River offering a great redevelopment concept of this renewal waterside suburb with a vibrant, cosmopolitan flavor for a modern residential lifestyle living as well as excellent access to the greater Sydney community via road, rail or ferry.
The site is coming on the market in mid-May via an International Expression of Interest campaign, with anticipated first round EOI closing on Wednesday 24th June.