St Peters is set to become the next development hotspot as supply levels in South Sydney's sought after Alexandria, Rosebery and Waterloo areas become scarce, forcing developers to look to the inner-west for residential opportunities.
CBRE Industrial & Logistics Services Manager Mark Silva said there had been significant upturn in enquiry levels for sites with development potential in St Peters.
"Over the past 12-18 months, South Sydney suburbs like Alexandria have experienced a flurry of development activity, with buyers swooping on industrial sites that have residential potential," Mr Silva said.
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"The insatiable appetite for residential property in Sydney is driving the trend and, as a result, more and more areas across South Sydney and the inner-west are undergoing transformation.""St Peters remains a relatively untapped market for mixed-use development, however, that is changing with more developers looking to gain a presence in the area, which is surrounded by great amenities."Mr Silva said the upcoming sale of a developable industrial property at 36 May Street and residential terrace at 11 Hutchinson Street, St Peters, was likely to add further fuel to the heating up market.
"Located in walking distance to Sydney Park, St Peters train station, Marrickville Metro and Newtown's night life, this property ticks all the boxes to accommodate a mixed-use development," Mr Silva said.
CBRE Manager, Residential Development, Richard Gell said momentum was gaining in the St Peters market.
"St Peters is highly sought after due to its close proximity to the CBD and central position in Sydney's thriving inner west," Mr Gell said.
