Mixed Use Activation Set to Skyrocket Burwood’s Land Value

17 October 2017

One of the first mixed-use development sites within The Parramatta Road Precinct in Burwood is set to hit the market later this week and is poised to become part of the future activation precinct which aims at enhancing the livability of Sydney’s suburbs by activating Parramatta Road with premium mixed-use developments around priority precincts such as Burwood.

Located at 318-324 Parramatta Road, Burwood, this unique Inner West site encompasses four separate lots accommodating three detached commercial dwellings situated on approximately 3,664sq m* parcel of level land, benefitting from an extensive 48 metre* frontage to Parramatta Road to the northern elevation and is is just 10km from the Sydney CBD and only 50m from Burwood’s proposed super transport stop.

For sale exclusively through Neil Cooke, Stuart Cox and Johnathon Broome of Savills Residential Site Sales, the elevated nature of the site provides the property with panoramic district and city views to the eastern elevation and Blue Mountains views to the western elevation, via a redevelopment of the site.

The site benefits from being situated within the finalised Parramatta Road Urban Transformation Strategy carrying with it a proposed maximum height limit of part 21 metres and part 24 metres; a part 2.1:1 and part 2.4:1 FSR and a part B4 Mixed Use and part R3 Medium Density Residential zoning which lends itself to a premium mixed use development (STCA), situated just 500 metres from the affluent Burwood Business District.

There is potential for 8,404sq m* of Gross Floor Area (GFA), 8,016sq m* of Residential GFA and 375sq m* of commercial/ retail GFA. A Concept Scheme has been prepared for the property allowing for 104 residential apartments and ground floor retail space** (24 x one bedroom, 72 x two bedrooms and 8 x three bedrooms).

The three detached single storey commercial/light industrial dwellings all with associated on-grade hard stand parking currently return $359,767.97* per annum of gross holding income. Each of the three properties will be offered for sale subject to ‘Going Concern.’

According to Neil Cooke, Director, Residential Site Sales at Savills Australia, “Rarely does such a substantial parcel of land get offered to the market with significant mixed-use development potential, combined with holding income, situated just minutes from Westfield Burwood and the Railway station.

Mr Cooke went on to say that it is the vendor’s opinion that whilst the zoning and FSR are achievable, the best potential outcome would be to reduce the building footprint and provide additional height resulting in a superior planning outcome with reduced impact of amenity on the neighbouring properties, greater open space and better use of the extensive CBD and district views.

The Greater Sydney Commission, which manages the Parramatta Road Urban Amenity Improvement Program, will work with the six councils to deliver the projects in partnership. 

The Greater Sydney Commission’s Chief Commissioner Lucy Turnbull AO said the projects have strong community support, according to a recent NSW Government press release.

“As Sydney grows, it will be more and more important that we enhance the liveability of our suburbs by creating great spaces where people will want to live and work and are encouraged to get out and walk or cycle or relax in well-designed opened spaces,” Ms Turnbull said.

Stuart Cox, Director, Residential Site Sales at Savills Australia said Burwood is a well-established suburb which has developed into a mixed commercial and residential precinct, with one of the busiest commercial regions in Sydney’s Metropolitan area.

“We expect to receive a lot of offshore and local interest from a range of High Net Worth individuals and developers, looking to take advantage of the Urban Transformation Strategy, the site’s impressive street frontage and close proximity to local educational facilities, Burwood Park, Westfield Burwood, Burwood Plaza, public transport and the Burwood CBD. The Parramatta CBD is also just 11km away,” he continued.

The property will be sold through Savills Australia by way of an Expressions of Interest campaign, which must be submitted no later than 3pm, Wednesday, 15 November 2017.

*Approximate
**STCA

 
 

Key Contacts

Neil Cooke

Neil Cooke

Director
Residential Site Sales

Sydney

+61 (0) 2 8215 8834

 

Stuart Cox

Stuart Cox

Director
Residential Site Sales

Sydney

+61 (0) 2 8215 8810