A circa 3,000 square metre site in Homebush has been listed for sale in a move that will unlock a premium development opportunity in Sydney’s inner west.
CBRE and Matrix Property Group have been appointed to sell the 3,028 square metre property at 3-9 Smallwood Avenue and 218-220 Parramatta Road.
The mixed-use development site, which is currently used as a car yard, benefits from three street frontages and close proximity to Sydney’s public transport network.
CBRE’s director of residential development Matt Ramsay said the property’s development potential in one of Sydney’s most sought after areas was expected to attract strong buyer interest.
“Sydney remains a strong area of focus for both local and offshore developers, with an opportunity to secure a 3,000 square metre footprint in an established and desirable location such as this likely to be hotly sought after,” Mr Ramsay said.
“The property’s strategic location bordering two main thoroughfares will ensure any future development is well-positioned to capture the full benefits of this high profile location.”
The property has been identified as a key site within the Strathfield Local Environmental Plan, which increases the Floor Space Ratio from 1.5:1 to 2.5:1.
“This rectangular site has great buildability as it has three street frontages to Parramatta Road, Smallwood Avenue and Dalton Avenue,” CBRE’s foreign capital investment manager Tao Shi added.
The site benefits from close proximity to shopping facilities, including Flemington Paddy’s Markets and Sydney Produce Markets, as well as the North Strathfield dining district and walking distance to the Homebush Train Station.
"This opportunity is at the heart of the WestConnex redevelopment corridor and is in the vibrant and evolving inner west that has seen the Strathfield LGA re-emerge as a development ‘sweet spot’,” Matrix Property managing director Andrew Antonas said.