SEDDON SITE SELLS FOR RECORD-BREAKING $20.9 MILLION
Written on the 17 August 2015
A LOCAL developer has purchased property within the heart of Seddon for a record breaking $20.9 million, with sights set on creating a new $200 million-plus mixed use development on the site for the popular inner-west suburb.
The sale of the "Proximity Site" is believed to be the biggest single property transaction in Seddon's history, says Trent Hobart who negotiated the deal along with Colliers International colleagues Bryson Cameron and Tom Noonan.
"The property was hotly contested, with more than 145 enquiries generated throughout the campaign and nine genuine offers from a mix of local and offshore buyers," says Hobart.
Cameron says the 1.4ha site, located at 43-57 Buckley Street, is in a prime position opposite Victoria University and has the potential to become a bustling centre for a variety of mixed-size businesses and residences.
"The future of this site is extremely flexible," says Cameron.
"The Proximity Site offered developers the opportunity to create a residential, retail, commercial or a major mixed use development of a significant island site of Activity Centre zoned land."
A preliminary scheme for a 4430sqm supermarket has been included with the sale, alongside plans prepared by Rothe Lowman architects for 399 dwellings and 557 car spaces.
Currently leased by Transdev, the site will be vacated on in July next year to make way for the planned redevelopment.