CAAN Photo: June 2019 large lot cleared; the changes to zoning would have shocked the neighbours who have invested much in their properties!
BUT what more does the ‘Development Approval’ sign tell you?
IS this why it’s hard to find ‘that Sydney Sweet Spot’?
A large lot … did it formerly accommodate a home and a market garden?
It would seem unfortunate for its neighbours to now endure a construction project for the next 12 months or so to house many more neighbours than they could have possibly anticipated.
The site area is said to be 3060 M2 with an approved gross floor area of 1692 M2 for 10 Townhouses/Villas of 1 and 2 storeys.
CAAN Photo: Substantial and valuable homes stand to the right of this redevelopment site.
A google search revealed the details of the CBRE agents and the following descriptions, it would seem, indicate where the market target for this project will be!
Danny Shi writes that he joined CBRE as a specialist agent, being fluent in both English and Mandarin I have a strong focus in attracting the attention of many HIGH NET-WORTH CHINESE INVESTORS AND DEVELOPERS …
Tao Shi writes he joined CBRE as a Foreign Capital Investment Manager of Residential Development based in the North Sydney office. That he is responsible for site sales of both residential and mixed use development sites throughout Sydney. That he holds a Masters of Architecture and speaks both English and Mandarin fluently …
Victor Sheu writes he has been involved in the property market for years, and joined CBRE IN 2015. He has had working experience in SHANGHAI and sees himself as a conduit between ASIAN INVESTORS and the Western Sydney investment market.
Fluent in both English and Mandarin, and consistently introduces local opportunities to HIGH NET-WORTH FOREIGN INVESTORS AND DEVELOPERS …
How likely is it that this development will be marketed to Australian seniors downsizing or families? But for the High Net-Worth Chinese market perhaps?
MEANWHILE … despite China’s Capital Controls … house prices in Sydney are beginning to rise again, and following the Scomo Election win with the LNP policies of the 100% sell off to overseas buyers particularly the High Net-Worth from China, and no Anti-Money Laundering Rules for the Real Estate Gatekeepers … having been made EXEMPT from the Second Tranche of the AML Legislation in October 2018 …. it’s ‘FULL SPEED AHEAD’ for RE Agents!
THE OVERSEAS SELL-OFF is making it even more difficult for our families to find that ‘sweet spot’ in their own Town!
CAAN Photo: Artist’s depiction of the townhouses
*NOTE CAAN’s LINKS FOR YOUR RECORDS …