A permit-ready development site near Cronulla Beach in Sydney’s south has sold for $11.1 million with a short 35-day settlement.
Agents only closed the expressions of interest campaign for 3-5 Parramatta Street, Cronulla, on April 23.
With eight offers received, it found a buyer by mid-May.
Configured with two double-storey apartment blocks, the 1530 square metre site is approved to be replaced with five level residential complex – expected to cost about $12.3 million to construct.
Twenty five proposed units – mostly configured as a mix with two or three bedrooms – are designed so as to appeal to the owner-occupier downsizer market, a group which prior to COVID-19 was said to be driving medium density dwelling demand in Australia’s metropolitan cities.
The suburb’s train station and retail village are walking distance from 3-5 Parramatta Street – as is Port Hacking.
Cronulla is 30 kilometres from the CBD.
Knight Frank Investment Sales’ Demi Carigliano, Anthony Pirrottina and Scott Timbrell said the block had previously been promoted off-market by other agents.