Savvy neighbours join forces for grand opportunity

Several inner west neighbours are in for a financial windfall after joining forces to sell their properties as an amalgamated site.

The six properties on Sydenham Rd in Marrickville are poised to take advantage of developers racing to secure landholdings around the new Metro line opening in 2024.

The two lots on 828sqm and 663sqm at 111-115 Sydenham Rd and 129-133 Sydenham Rd are being offered via an expressions of interest campaign in one-line or separately.

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Described as a boutique opportunity for developers and builders, the two sites are separated by an office supply business and two terraces that are not part of the deal.

Ray White Commercial director Samuel Hadgelias, who is selling the sites with colleagues Jeff Moxham and Steven O’Neill, said the Metro is drawing developers to Marrickville.

“The area is a hot spot for developers looking to acquire blocks that stand to benefit from infrastructure such as the Metro,” he said.

“The two boutique development sites represent an unlocked opportunity in a high growth area with significant infrastructure upgrades and capital growth.”

The Marrickville landholding offers developers prized R4 High Density Residential zoning that allows buildings of up to 11m high and 3:1 floor space ratio. The zoning permits the construction of high density apartment blocks, boarding houses and aged care housing.

Local builders and developers are set to be the main buyer groups, however Mr Hadgelias expects strong out of area interest too.

“With developers focusing on proven markets like the inner west, it wouldn’t surprise me if this sold to someone from outside the area,” he said.

With a price guide yet to be set, neighbours who have banded together in similar fashion across Sydney have profited significantly more than if their home sold on its own.

Expressions of interest close on May 26.