$13m Sydney warehouse site to become a block of units: CBRE

CBRE has announced that the first DA approved site of 2023 is on the market, presenting an opportunity to local property developers and investors, with price expectations around $13m.

This 1,650sqm site is approved for 47 units, 533sqm of ground floor retail/commercial space, and 85 car spaces. The unit mix includes 22 one-bedroom apartments, 18 two-bedroom apartments, and seven three-bedroom apartments.

CBRE’s Toby Silk, Aaron Arias, Robert Dowdy, and Nicholas Heaton are managing the sale via an Expression of Interest campaign closing 22 February 2023.

“We expect the property will attract strong interest from industrial occupiers and developers alike,” said Toby Silk of CBRE Asia Pacific.

“Gladesville is in Sydney’s heart and with a median house price of $2,480,000 the development presents a great opportunity to capture buyers whose budget doesn’t stretch this far,” Silk said.

“The site has been granted development approval for a brand-new residential project, meaning the project can proceed to construction once a construction certificate has been issued by the local council,” he said.

CBRE said the site is conveniently located at 363 Victoria Road Gladesville, with easy access to public transportation, major roadways, and local amenities.

The area is known for its parks, quality schools, and friendly community and is positioned centrally between Sydney’s major commercial hubs, Sydney CBD, North Sydney, Chatswood and Parramatta CBD.

“Being on a prominent corner location, the development has been architecturally designed by well-regarded Mackenzie Architects with oversized, open-plan, modern apartments orientated to maximise natural light and outlook,” said Aaron Arias.

“With the Gladesville property market on the rise, this development site will generate strong interest from developers and investors looking to capitalise on the growing demand for property in the area,” Arias concluded.

Source: CBRE media release