Sydney-based developer and construction company Orosi has moved forward with its purchase in Sydney’s eastern suburbs, snapping up a large development site in Cronulla.
The 1,530sqm property, currently comprises 11 apartments spanning two blocks, with approval in place for a 25-unit residential development green-lit by Sutherland Shire Council in 2019.
Undeterred by Covid-19, Orosi purchased the 3-5 Parramatta Street property for $11.1 million on a 35-day settlement.
Orosi’s Hamid Samavi said the company has plans to start construction on the project, which has a maximum building height of 16 metres or five storeys, within three months.
Knight Frank’s Demi Carigliano, Anthony Pirrottina and Scott Timbrell negotiated the deal.
Carigliano said the sale signals interest among developers for quality sites, given the current climate, with the expressions of interest campaign returning eight offers and interest from Sydney developers.
“The campaign closed in the middle of the Covid-19 lockdown, with some buyers reluctant to put pen to paper due to the unknown economic factors at that stage,” Carigliano said.
“But we had offers from Eastern suburb developers as well as local Sutherland Shire groups.
“This is one of the largest development approved sites sold during Covid-19, and is a very significant result given the recent impact of the pandemic on the property market in the southern part of Sydney.”
Carigliano said the market is seeing a "flight to quality" from developers for boutique sized projects.
“In proven and more premium locations such as Cronulla, the Eastern Suburbs and Lower North Shore,” he said.
