Local and foreign developers are set to enter a bidding war over a new landmark residential development site in the heart of Sydney with capacity for 2,200 apartments.
The 15.89-hectare site, located just 20 kilometres from the CBD in Wenthworth Point, is looking to be priced at approximately $250 million.
As reported by The Australian Financial Review, Urban Growth, the owners of the site have officially appointed Colliers International Agent, James Bellew to market the sought-after waterfront site.
The release of the site comes at a time when local and foreign developers alike are looking to expand on current projects and site acquisitions.
"UrbanGrowth NSW and Roads and Maritime are working through a number of matters prior to an expressions of interest campaign for 18.6 ha of land at Wentworth Point," an Urban Growth spokesperson told The Australian Financial Review.
"The value of the site will be determined by the market.”
The release of the site comes as the NSW Department of Planning earmarked Wentworth Point as an area for high-density development in late 2014.
The development site is in close reach of public transport options and allows direct access to the CBD.
Colliers International declined to comment on the deal.
