A partially constructed development site in Blacktown CBD with a significant DA approval and six stage CC approval has come to market.

The 1,996sqm site is approved for 184 apartments and two retail shops, with significant works well advanced, including basement car parking and the first five levels of structure.

It is listed through the Colliers team of Matthew Meynell, James Cowan and Jordan McConnell, in conjunction with Lincoln Blackledge of Stonebridge. Daniel Walley and Philip Carter of PwC have been appointed receivers and managers of Nera Developments Pty Ltd, a company formerly controlled by Mark Merhi of the Merhis Corp which is the owner of the development site.

The works completed on site have been progressively checked and certified by professional consultants during construction, and the site is not subject to any orders from authorities, therefore providing an opportunity for potential buyers to mobilise on site quickly to re-commence construction and help address the apartment supply shortage in Sydney .

“This opportunity provides an incoming buyer the opportunity to purchase a DA & CC approved development site with all authority contributions paid. This offers immediate scalability,” Mr Meynell said.

“With the low level of completions throughout 2020 and 2021, there is an alarming undersupply of apartment stock throughout greater Sydney which is a concern due to the affordability crisis that freehold dwelling prices have created. We expect developers will take this into consideration when bidding on this site,” Mr Cowan added.

Located just a four-minute walk from Blacktown Station and seven minutes from Westpoint Shopping Mall, the property has an approved GFA of 14,144sqm.

“Sydney is the most mature apartment market in Australia (based on the number of apartments and overall proportion of dwelling stock in the form of apartments) and the demand for apartments continues to increase. This is particularly prevalent in Blacktown” Mr McConnell said.

“The six levels of basement car parking for around 280 vehicles being largely complete, will be of particular appeal in the current market, allowing the buyer to largely bypass the biggest risk-element of mixed-use construction,” Mr Blackledge said.

The property will be sold via public auction on Thursday, 10th November 2022 at 10:30am.

To request a copy of the Information Memorandum please contact one of the marketing agents Colliers Matthew Meynell, James Cowan and Jordan McConnell, in conjunction with Lincoln Blackledge of Stonebridge Property Group via the contact details below. 

Related Reading:

Waterfront Putney development site for sale - Colliers | The ASEAN Developer

Rainbow Bay Precinct Development Site Gold Coast for sale by CBRE  | The ASEAN Developer

Receiver FerrierSilvia appointed freehold New Albury Hotel sold $13.2m at 4.1% yield by Manenti Quinlan & Associates and D.J. May Real Estate | The Hotel Conversation

Coffs Harbour Motel for sale by Liquidator on Massive Land Parcel by Ray White and HTL Property | The Hotel Conversation

CFMEU seek joint venture partner for one of Brisbane’s biggest build-to-rent projects $300m + through CBRE  | The ASEAN Developer