Spanning nearly eight hectares nearly 30 kilometres from of the CBD, 190-220 Dunmore Street in Pendle Hill, is has part R4 high-density residential zoning, part B2 local centre and part RE1 public recreation zoning, with height limits ranging from 12.5 metres up to 39 metres across the property.
Current plans would allow for adaptive reuse of heritage buildings for up to 6,000 sqm of retail, local services, medical, supermarket, community and indoor recreational uses. About 25,000 sqm of space can be used on a public plaza and parks, and 8,000 sqm on common space.
George Bond established Bonds Industries on the site in 1923, which was the first cotton spinning and weaving operation in Australia and possible the southern hemisphere.
Colliers’ Frank Oliveri and Guillaume Volz have exclusive listing, nine years after Olivieri sold the property, and five years since the owner, developer Dyldam, secured rezoning.
“Very rarely do you come across an eight-hectare, R4-high density residential development site in a fully built-up area within walking distance to two railway stations,” Oliveri said, who touted the site as potentially the “largest unit development site to come up in the western Sydney market for many years”.
Volz said that traditionally there has existed a 10 to 15% gap between new build multi-units and established units, but as owner-occupiers have become the predominant buyer, that gap has narrowed to parity in the last year.
Record low commencement
“We believe that record low commencements will be felt in the market and as new generation off-the-plan properties become available and buyers value the benefits they offer, particularly in master-planned communities, developers will be able to achieve higher pricing from new developments.”
A large shortage of supply in build-to-sell (BTS) apartments is set to hit Sydney over the next few years, according to Charter Keck Cramer, while first home buyer support schemes and affordability issues are pushing unit buyers and renters further out.
“As housing affordability is paramount, this development is expected to have strong demand from first-home buyers and those who want an affordable unit close to rail, shopping and within proximity of the Parramatta CBD,” Olivieri said.
The site is 850 metres from Pendle Hill station and 1.5 kilometres from Wentworthville station and on a high point in the local topography.
Volz said cyclical and structural changes will support the next cycle of BTS apartment projects as well as the emergence of the build-to-rent sector, including the acceptance of family living in apartments, increased detached dwelling affordability constraints, rapidly rising rents and the return of overseas migration.
He said The availability of limited development sites in inner Sydney has also seen BTR developers appreciate the value offered by western Sydney, particularly in land values.
“Coupled with 15% growth in Sydney wide rents in the last 12 months, and further increases to come over the next 12 to 18 months as migration levels improve and low levels of new supply impact rental options, the metrics are now favourable to support the BTR sector in Sydney.”
Expressions of interest closed June 22.
