South Sydney amalgamation collects $21m
A south Sydney amalgamation containing a two level mechanic and three standalone dwellings has sold following a campaign targeting high density apartment developers.
The 2779 square metre Maroubra site, 251-257 Maroubra Road and 133 Garden Street, collected $21 million.
Multiple offers came in, according to X Commercial’s Charlie McKenzie, who listed the properties late last year with TRG’s James Nixon.
The R3 Medium Density zoned parcel is set for a planning change which would increase the height limit from 12 metres to 21, he added.
The well maintained improvements, including renovated dwellings, earn an impressive holding income too, according to the executive, who also targeted investors and land bankers (story continues below).
Maroubra is about 10 kilometres from the CBD.
This site is less than 300m from Mercer and Charter Hall’s Pacific Square shopping centre.
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