The property comes with approval for a 16,276sqm office development and attracted interest from a range of developers. 

A high profile 4,047sqm corner-block site with an approved DA for a major office development has sold on behalf of Time and Place for $33,000,000. 

Strategically positioned with three street frontages and on one of South Sydney’s major thoroughfares, 253 Coward Street, Mascot occupies a prominent landholding within the highly sought after Mascot industrial, commercial and mixed-use precinct.

The property was sold exclusively by the Colliers team of Michael Crombie and Trent Gallagher. 

“Boasting an existing DA with approval for a 16,276sqm office development in an ever-popular location in Sydney’s inner west, it’s no surprise that a diverse pool of bidders competed strongly for the site,” Mr Crombie said.

“With a number of potential future uses given the dynamic Mascot location, the Expressions of Interest campaign generated significant interest from a large cross-section of developers. It’s exciting to see what the buyer will do with the site in the future,” Mr Gallagher added. 

The site was purchased by a national developer, who will look to take advantage of the E3 Productivity Support zoning which allows for a variety of land uses. 

The property will be well positioned to take advantage of nearby amenities, including the Sydney Airport, Port Botany and key arterial roads and motorways. It will also benefit from strong underlying building value, which will provide the purchaser with short-term holding income across the site.