Not so long ago, Little Bay was an under-appreciated suburb, dominated by golf courses and featuring mainly older-style homes. But its waterfront location, proximity to the airport, and being only 20-minutes from the city, meant Little Bay would not be overlooked forever. The suburb is now one of Sydney's most desirable suburbs.
An 11-hectare residential development site in Little Bay is on the market, and is expected to sell for above $280 million. The site is one of the last coastal sites available for subdivision in Sydney's Eastern Suburbs.
The site has been masterplan-approved for a combination of single-lot housing, town houses and luxury apartments – with an opportunity to add value by increasing the number of dwellings, according to the agent, Knight Frank.
Existing infrastructure, including roads and landscaping, are already in place. The homes would suit a range of buyers, including young families and downsizers, according to the selling agents.
The sale is being managed by Knight Frank’s Tim Holtsbaum and Eugene Evgenikos, in conjunction with JLL’s Ben Hunter and Sam Brewer.
Tim Holtsbaum, Knight Frank’s Director, Site Sales, NSW, said, “This is a unique opportunity to acquire a high-end development site in a prime, coastal Eastern Suburbs location. We haven’t seen a site like this with so much potential come to the Eastern Suburbs market for years, and it is the only significant waterfront development site remaining in the area."
“Demand for prime residential development sites – especially those where scale can be achieved – continues in the Sydney market,” said Holtsbaum.
JLL’s Head of Metropolitan Sales and Investments – NSW, Sam Brewer, said “the masterplan approval will be particularly appealing for a developer."
Eugene Evgenikos, Knight Frank’s Head of Metropolitan Sales, NSW, said, "There is scope for increased density, subject to council approval."
The site fronts onto Little Bay Beach, and neighbours four golf courses. Express bus and future light rail services provide convenient transport to the CBD.
The property will be marketed for sale through an Expressions of Interest campaign, beginning on 28 February 2017.
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