‘Last of its kind’ Sydney waterfront for sale

The 2.54 hectare property at 80 Boronia Parade in Lugarno backs onto the Georges River and comes with a small Federation home, a jetty and a boatshed.Historic records indicate the cottage was purchased from the City Bank of Sydney around 80 years ago, with the property since being used for oyster farming and selling fruits and vegetables to the local community.MORE:One of Mosman’s largest estates for saleSimple ‘path’ to adding significant value to your homeParty mansion has own nightclub 50,000 crystal chandelierThe property is being described as potentially the last of its kind in the area, providing an opportunity for developers to capitalise on the large waterfront presence.Surrounded by family homes that have been built up over time, the triangular shaped block has three street frontages and comes with R2 Low Residential zoning which provides the potential for a future waterfront development or residential homes.Brought to market by Colliers agents Frank Oliveri, Steam Leung and Ethan Gillan, the listing is being offered for sale via Expressions of Interest closing on March 31st – with a price guide of $10m.“We are anticipating a competitive campaign from both developers looking to subdivide and other occupiers looking to acquire a substantial redevelopment opportunity,” Mr Oliveri said.“Aside from the incredible land area, one of the main drawcards of this property is the boat house and jetty with direct access to Georges River,” Mr Leung said.Located within 19km of the Sydney CBD, the property is a short distance from the local IGA and Mortdale Plaza.Lugarno has experienced a shortage of vacant land development opportunities, leading to a smaller number of commercial property land sales in the area – just six transactions between 2017 and 2021.“Lugaro has seen an unprecedented level of growth over the past four years with the median house price increasing in excess of 37 per cent,” Mr Gillan said.“During the same period, this has further been reflected by transaction volume increasing by 36 per cent, with the majority sought-after locations along Georges River.”In 1920, the estate was subdivided and Boronia Parade was constructed.A large portion of the land has since been cleared, containing three access points on Boronia Parade and Ballanda Avenue.MORE:‘Enter with caution’ semi sells for life-changing price60 Sydney suburbs with worst debt problemsProperty investors returning to the market

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March 07, 2022 at 06:30PM
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The 2.54 hectare property at 80 Boronia Parade in Lugarno backs onto the Georges River and comes with a small Federation home, a jetty and a boatshed.Historic records indicate the cottage was purchased from the City Bank of Sydney around 80 years ago, with the property since being used for oyster farming and selling fruits and vegetables to the local community.MORE:One of Mosman’s largest estates for saleSimple ‘path’ to adding significant value to your homeParty mansion has own nightclub 50,000 crystal chandelierThe property is being described as potentially the last of its kind in the area, providing an opportunity for developers to capitalise on the large waterfront presence.Surrounded by family homes that have been built up over time, the triangular shaped block has three street frontages and comes with R2 Low Residential zoning which provides the potential for a future waterfront development or residential homes.Brought to market by Colliers agents Frank Oliveri, Steam Leung and Ethan Gillan, the listing is being offered for sale via Expressions of Interest closing on March 31st – with a price guide of $10m.“We are anticipating a competitive campaign from both developers looking to subdivide and other occupiers looking to acquire a substantial redevelopment opportunity,” Mr Oliveri said.“Aside from the incredible land area, one of the main drawcards of this property is the boat house and jetty with direct access to Georges River,” Mr Leung said.Located within 19km of the Sydney CBD, the property is a short distance from the local IGA and Mortdale Plaza.Lugarno has experienced a shortage of vacant land development opportunities, leading to a smaller number of commercial property land sales in the area – just six transactions between 2017 and 2021.“Lugaro has seen an unprecedented level of growth over the past four years with the median house price increasing in excess of 37 per cent,” Mr Gillan said.“During the same period, this has further been reflected by transaction volume increasing by 36 per cent, with the majority sought-after locations along Georges River.”In 1920, the estate was subdivided and Boronia Parade was constructed.A large portion of the land has since been cleared, containing three access points on Boronia Parade and Ballanda Avenue.MORE:‘Enter with caution’ semi sells for life-changing price60 Sydney suburbs with worst debt problemsProperty investors returning to the market