Rare Sydney Waterfront Site Comes to Market

Five houses in southern Sydney have hit the market in one line, presenting a rare development opportunity with 180-degree views across Kogarah Bay.

The 5,051sq m land parcel, at 424-432 Princes Highway, Blakehurst, is being exclusively marketed by Highland Commercial Property.

Offered to market by way of expressions of interest, the site is just 10km from the airport and 22km south of Sydney's CBD.

Zoned for medium-density residential and offering a significant 2:1 floor-space ratio, the site's 21 metre height limit more than allows for sweeping views toward the city and across Kogarah Bay.

For developers, the site affords a variety of scheme options — hotel, short-term accommodation, aged-care or apartments to capture the burgeoning downsizer market.

The site comprises five dwellings in a row, creating an expansive east-facing block with street to water access.

The site is easily accessible off a side road off the Princes Highway including some off-street parking.

Blakehurst is located in the local government of the Georges River Council and is part of the growing St George precinct.

While the rest of Sydney dealt with significant residential market headwinds, Blakehurst experienced an 11.8 per cent increase in 2018.

The suburb appeals to a wide cross-section of the market, and with high demand and an under-supply of properties Blakehurst is rebuffing Sydney's downward house price trend.

According to realestate.com.au data, Blakehurst attracts predominately older and established couples and families.

With the recent successful sales of a number of prestige apartments across the St George and Sutherland Shire areas, Blakehurst is a quality solution for those looking to downsize or invest in property.

Located in close proximity to Tom Ugly’s Point and a number of small reserves, popular fishing spots, a marina, seafood restaurants and a number of take-away seafood shops.

"There is no other waterfront site quite like this one in the immediate area," Highland Commercial partner Josh Crealy said.

"And as the market levels out and adjusts, now is an opportune time to develop to ensure construction completion by the time the market normalises."

"The total gross floor area is a substantial 10,102sq m approximately giving this site an extreme amount of opportunity.

Presented exclusively by Highland Commercial Property, 424-432 Princes Highway, Blakehurst is being offered for sale by Expressions of Interest.

The EOI will be closing Wednesday, 29 May at 4pm.

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