Developer swoops on Sydney site held 120 years
A Transport-Oriented Development planning controlled site, in the same family for 120 years, has sold.
The two standalone residential buildings covering 34-38 Jersey Street, Marrickville, collected c$10 million from a developer.
Spreading 1410 square metres, it has a 35 metre street frontage.
The east boundary abuts McNeilly Park, less than 400m from the suburb’s train station.
Twelve offers came in
TOD zoning explained
The TOD control, for sites within 400 metres of transport stations, like 34-38 Jersey St, allow via a 2021 State Environment Planning Policy, for greater density housing.
Up to six floors could be considered – rising to seven if the ground floor is designed for commercial.
To qualify, properties require a minimum 21m frontage with no heritage protection (continues below).
At least two per cent of gross floor area must be delivered as affordable homes for projects over 2000 sqm.
Twelve offers came in according to CBRE’s Andre Taouil and Connor O’Neil, who added the dwellings derive an income.
“High-quality sites, particularly those positioned along strategic corridors such as Jersey Street in close proximity to the Metro line and established lifestyle and transport amenities, are attracting strong attention from a broad range of developers seeking to capitalise on increased density allowances and improved connectivity,” Mr Taouil said.
“Marrickville’s appeal is further strengthened by the NSW Government’s Our Fairer Future plan, which introduces planning control uplifts aimed at boosting housing supply around key infrastructure,” he added.
“These combined planning initiatives have materially enhanced site feasibility and long-term value, underpinning heightened demand and intensifying competition among developer groups active in the Inner West”.
Marrickville is eight kilometres south west of Sydney’s CBD.
It is four kilometres north west of Sydney Airport.
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