Savills : Rare DA Approved North Shore Site Sells to Local Developer

The influx of residential development sites for sale throughout Sydney has sky rocketed in the past 12 months, but rarely does a site have the benefit of a Development Approval locked in complete with most of the CC works having also been completed. Until now…

A local developer has snapped up a premium DA approved 7,879sq m* residential site located within one of Sydney's most prestigious north shore suburbs, for circa $32 million from a local Chinese syndicate of owners.

Located at 2-8 Pymble Avenue and 2-4 Everton Street, Pymble, the distinctive site currently encompasses a consolidated single registered title of land containing three existing detached single and double storey dwellings. The property is zoned R4 High Density Residential under the Ku-Ring-Gai LEP 2012 with a height limit ranging between 11.5 and 17.5 metres and a blended FSR of 1:1.

The site is DA approved for the construction of 98 oversized residential apartments and 1 x 100sq m ground floor neighbourhood shop together with basement parking for 156 vehicles. The DA Approved Gross Floor Area is 8,547sq m* and the site is perfectly positioned at the top of a ridge to capitalise on the panoramic views looking back towards the Sydney CBD and the Blue Mountains.

Exclusively sold through Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia, the site is situated within 100 metres* of the nearest bus stop on the Pacific Highway and Pymble Railway Station.

Stuart Cox, Director, Residential Site Salesstated 'The sale at circa $32 million represents a sales rate of $3,744 per sq m of approved GFA or circa $323,000 per equivalent unit site. Prestigious apartments in this location have been achieving in excess of $13,000 per sq m of internal living area. By comparison, similar size sites without the benefit of DA Approval located within Macquarie Park have been achieving in excess of $4,000 per sq m of proposed GFA, however apartments within this area have been averaging in excess of $15,000 per sq m of internal living area on average.

According to Neil Cooke, Director, Residential Site Salesat Savills Australia, 'Rarely does an opportunity like this come along which provides developers with a unique DA Approved residential development opportunity, aimed at the owner occupier market, that captures the strong residential market, situated within one of the North Shore's most prestigious suburbs.

'In 2017, the amount of DA approved sites for circa 100 apartments has completely dried up particularly in blue chip areas such as Pymble on Sydney's North Shore.

'Even better, is the fact the Draft Construction Certificate has already been issued, which states that all Pre-CC Conditions of Consent have been satisfied, and confirms that only the payment of the standard contributions is required in order for the Construction Certificate to be immediately finalized which saves significant time and costs,' continued Mr Cooke.

Pymble is home to many young families and professionals, with some of the most sought after schools and most exclusive golf courses, and is just 15 kilometres North of Sydney's CBD and 7 kilometres North of Chatswood.

Stuart Cox, Director, Residential Site Sales at Savills Australia said 'There is excellent continuing demand for premium residential apartments in this location as evidenced by the success of recent project campaigns released within Pymble and surrounding suburbs.' Mr Cox went on to say that 'The design of this proposed development has been specifically designed to appeal to the owner occupier market with oversized apartments and more than ample parking which will be well received by buyers.' These apartments will be expected to come to market early 2018.