Legion Cabs site at Wolli Creek provides $18.5m development opportunity

A Wollli Creek property once used as the headquarters for one of Sydney’s largest taxi companies has been listed for sale as an opportunity for residential apartment development.

The 3,692sqm site, formerly used by Legion Cabs, is located on the corner of 137A Princes Highway and consists of three street frontages and has an existing short-term income facility.

Brought to market by Colliers real estate agents Trent Gallagher and Edward McFarland, the site comes with a price guide of $18.5m and B4 mixed-use zoning.

137A Princes Highway Wolli Creek NSW

The commercial space was occupied by Legion Cabs for many years and includes a large retail showroom and a two-level office area.
“Located on the corner of the Princes Highway, Ann Street and Allen Street, this prime development opportunity offers an unbeatable location and connectivity to key local infrastructure,” Mr Gallagher said.

“It provides an ideal opportunity for developers to acquire a raw scalable development site located in southern Sydney’s booming Wolli Creek residential market.”

The commercial property is located on the corner of Princess Highway, Ann Street and Allen Street.

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Legion Cabs would use the property for a taxi showroom and as a headquarters for many years.

The commercial site is within walking distance to both Arncliffe and Wolli Creek train stations, in addition to local retail, cafe and dining options.

It is being offered for sale via an Expressions of Interest campaign which closes on March .

Wolli Creek itself has emerged as a highly competitive suburb that features large apartments, convenient transport links and comparatively low prices.

Wolli Creek is a highly competitive commercial suburb for investors and buyers.

Realestate.com.au data indicates median unit prices in the suburb for 2021 sat around $716,000. A two bedroom apartment usually costs $570 per week.

Located between the Princes Highway and bordered by Tempe and Arncliffe, the rate of new listings in the suburbs has been constrained.

The property is located 20 minutes drive from the Sydney CBD.

This has led to a supply and demand imbalance which increased competition for both rental and commercial properties which arrive at market.

“Colliers expect in 2022 that Sydney apartment prices should gain momentum due to unaffordability in the housing market,” Mr McFarland said.

“First home buyers and the return of investors had supported unit demand in parts of Sydney last year, which could increase in 2022 as affordability constraints put houses further out of reach for some buyers.”

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