Potential residential development for Wolli Creek after $3.16 million sale

Potential residential development for Wolli Creek after $3.16 million sale
Potential residential development for Wolli Creek after $3.16 million sale

The private investment firm MGC Wealth Pty Ltd has purchased a vacant land block in Wolli Creek from a private vendor that has the potential for a residential development.

The $3.16 million sale, at 15-17 Gertrude Street, is an 840 square metre block of vacant land that could house a boutique block of 20 apartments.

Wolli Creek, located in South Sydney, is in the City of Rockdale.

Knight Frank senior executive, industrial - South Sydney, Adam Bodon, said that the block, near Wolli Creek train station, Woolworths and opposite Cahill Park, is a rare opportunity.

“This property represented an extremely rare opportunity to create a boutique development in this rapidly evolving precinct. The end product will have a clear point of difference against most other developments in Wolli Creek due to this site’s incredible amenity, location and aspect," he said.

It was negotiated by Knight Frank's Adam Bodon.

The site is also close to Sydney International Airport. Currently, Getrude Street sits on the list of those affected to some degree by noise.

Council plans from 2010 suggested that around six storeys may be able to be built on the site, to ensure that there won't be too many buildings in the development's shadow.

Wolli Creek has been suggested as a strong area for off the plan sales for some time. Buyer demand has previously brought forward other releases, such as Southbank development, which expects to be completed in 2016.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Tags: 
New Developments Sydney

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?