Water views key as huge Mortlake industrial block goes to market
A booming inner west suburb is set for further apartment development with a DA approved 1998sqm block hitting the market.
Occupying five lots at 118-128 Tennyson Rd in Mortlake, it is expected to fetch circa $9 million-$10 million at auction next month.
LJ Hooker Strathfield principal David Pisano says it is an exciting opportunity for a developer to buy the property with a DA for 36 boutique apartments and a two-level basement.
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“Smaller blocks with 270-degree views are very hard to find in this part of the inner west,” he says.
This opportunity is fuelling strong interest from a mix of local to large developers who are looking to snap up the block.
“I suspect whoever the buyer is will look to use the DA and build the apartments,”Pisano says.
The DA has provisions for 36 boutique residents made up of 19 three-bedroom apartments, 12 two-bedroom dwellings and five one-bedroom units. There will also be 86 car park spaces across the two-level basement that will also have dual-street access.
The real estate agent says the property will in future appeal to a predominantly owner occupier market who do not want to live in large complexes.
“It will target owner occupiers and this will be different from many of the surrounding developments that offer more smaller residences than larger ones,” Pisano says.
The upper floors of the proposed apartment towers will have 270-degree water views east to the city skyline over the Parramatta River and the Blue Mountains in the west. All apartment will also have private balconies that will capture some of the views.
The listing ad says the vendor is motivated to sell the landholding that is generating a rental return of around $200,000 at all costs.
The decision to sell comes at a time when the inner west market is recovering faster than any other region in Sydney. Property prices are forecasted to reach all-time highs in the next two to three months. REA reports that Mortlake currently has a median apartment sale price of $877,500.
No. 118-128 Tennyson Rd, Mortlake, will go to auction on February 22.
This article from the Inner West Courier originally appeared as “Mortlake block with Sydney views hits the market with DA approved plans for 36 apartments”.