Vendors’ expectations have risen so much in Sydney that the premiums developers offer for sites no longer look attractive to many.
A commercial property on 471sq m in a residential area zoned for development at 205 Darley Road, Randwick, NSW. Sold at auction for $4.25 million.How long was this on the market? [Fox]
Pizza’s out: The commercial property on 471sq m known for decades as the Queens Park Pizza shop at 205 Darley Road in Sydney’s Randwick sold at auction for $4.25 million.It was a shop at the front and a vacant block at the back. It was a really good site for a What could have been: The property in a residential area zoned for development could have been joined with the two neighbouring properties to create a site for 12 apartments.
A couple of years ago, if a house was worth, say, $4.5 million, developers were prepared to pay an uplift in value to buy it. I knock on the door and say “Would you be interested in selling? The developer can pay a 10-15 per cent uplift if you sell. But you have to wait for the money.”
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