Newtown Development Site with DA Lodged Sold for $6.5M

Newtown Development Site with DA Lodged Sold for $6.5 Million

A mixed use development site opportunity (STCA) at Newtown in inner western Sydney has been sold by Ray White Commercial NSW for $6.5 million.

The approximately 1320 sqm site at 2c Gladstone Street, Newtown, was sold to Sydney-based property development and construction company Ceerose Pty Ltd.

The sale followed an Expression of Interest campaign by Jeff Moxham, Scott Timbrell, Samuel Hadgelias and Nic George of Ray White Commercial NSW on behalf of a private owner.

Jeff Moxham said the site had a DA lodged with Marrickville Council in late 2015 for a boutique high-end development.

“A DA with design by SJB Architects has been submitted by SJB Planning,” he said.

“The application is for the construction of a mixed use development comprising a four storey building containing 12 apartments, 11 townhouses, three commercial / retail suites and basement car parking.”

Scott Timbrell said the site has three street frontages and is approximately 500m to Newtown railway station and the cosmopolitan King Street café and restaurant precinct.

“The property is strategically located in the established inner city Sydney suburb of Newtown, approximately 5km south-west of the Sydney CBD,” he said.

“There is an abundance of amenities and facilities within 2km including the Royal Prince Alfred Hospital and the University of Sydney.

“The current improvements on the site comprise an older style single storey, light industrial building with holding income to be sold on a going concern basis.”

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