Development Opportunities Beckon after Sutherland Shire Rezoning
After widespread rezoning in 2015, Sutherland Shire in Sydney’s south is attracting developers who are seeing opportunities in its stable and affordable market, according to Ray White Commercial.
Director and Partner of Ray White Commercial NSW, Jeff Moxham, said the area is proving popular to a wide profile of developers due to the strong pace of pre-sales and a solid base of local purchasers.
“Given the local buyer interest we are increasingly seeing builders and developers branching out into the Sutherland Shire, taking up the increased densities now available,” Jeff Moxham said.
“It is a natural progression following the same trend of other Sydney metro areas that have been rezoned and subsequently developed over the last two to three years.”
Charlie Yankos – director of the recently opened Ray White Commercial NSW Greater South Sydney – said the mix of lifestyle in the area, transportation to the city and south coast and the revamped Westfield Miranda shopping centre were attracting new investors and developers.
Ray White Commercial Head of Research, Vanessa Rader, said with 20,364 local, small businesses employing over 72,000 people and contributing $8.8 billion to the state domestic product, demand in Sutherland had kept occupancy levels high in the industrial and commercial markets.
“Construction and trades account for a high volume of industrial occupancy in this market, growth in professional service providers have improved office and retail assets, while healthcare and childcare operatives have increased their development and construction needs in traditional industrial as well as residential locations,” Vanessa Rader said.
Eddie Mansour, Director Ray White Projects, which specializes in off-the-plan sales, knows first-hand the positive market in the Sutherland Shire.
“Our latest project, Union Place in Jannali, had unrivalled success, with 40 per cent sold on our launch weekend and another 30 per cent sold at record prices in subsequent months, the majority were local purchasers.”
Jeff Moxham believes the same buyer demand will apply to a DA Approved 2864 square metre site at 134-146 Linden Street that he is currently marketing to developers and builders.
“Linden Street has approval for 62 units over two stunning six-storey buildings that encompass a perfectly shaped block with four street frontages,” Jeff Moxham said.
“Further attention to architectural detail has also been demonstrated in delivering ‘Manhattan’ style penthouse apartments to the top floors of each tower.”
The developer, Peter Gribble, managing director of Quantum Group, said: “This presents a degree of sophistication and prestige to a suburb that has a strong local downsizer market and for purchasers looking for a more spacious alternative to downsizing.”
Ray White Commercial NSW selling agent, Scott Timbrell, said Linden St is only a few hundred metres to Sutherland train station, the well serviced shopping precinct and quality restaurants.
“You can catch a direct train to the CBD and be in town in just over 30 minutes,” Scott Timbrell said, adding that the recent $435 million redevelopment of nearby Miranda Westfield is another example of the area’s growth.
“Sutherland offers a convenient location with transport, shopping, education and medical precincts only moments away and has a further $45 million of planned infrastructure.”
“For this market at the moment, an opportunity like this will be highly sought after,” Scott Timbrell said, adding that he expected interest to come from both local and national builders and developers.