'Parkgrove' 1617 Botany Road, Botany, NSW**
On the Instructions of the Receivers and Managers
KEY ATTRIBUTES
The property benefits from the following key attributes;
A 34,682SQM* DEVELOPMENT SITE, 10.4KM* FROM SYDNEY CBD
Arguably the most significant residential development opportunity available in Sydney at present.
Offering sufficient critical mass to provide the successful purchaser with the opportunity to drive the residential market within this suburb.
Close proximity to Sydney CBD, numerous beaches and Sydney Airport should all be compelling attributes in soliciting demand for the finished scheme.
MASTERPLAN APPROVED FOR CIRCA 303 DWELLINGS AND 6 COMMERCIAL UNITS
The planning process has been largely de-risked via the Masterplan approval and Section 96 approvals already in place. The scheme includes 277 apartments, 18 townhouses and 9 terrace houses plus 6 commercial suites.
The approvals also include 590 off-street car parking spaces to a maximum depth of 1 level of basement car parking.
The scheme is currently envisaged to comprise 5 major lots including a total of 8 stages.
FOUR STREET FRONTAGES/LEVEL SITE*
The property benefits from direct access to the retail/commercial hub of Botany Road, providing great amenity for future residents of the scheme, as well as a prime opportunity for a sales office during the marketing period (S.T.C.A).
The subject property benefits from street frontages to Botany Road and Rancom Street to the south, Pemberton Street to the West and Wilson Street to the East, thus providing flexibility in the detailed design stages (S.T.C.A.) as well as practicality during construction.
The reasonably level gradient and large site area combine to offer further practicalities during construction.
HOLDING INCOME ($275,920 P.A.) / GOING CONCERN
The bulk of the site is occupied by a single tenant until December 2011 with scope for continued occupation via a month-to-month arrangement (subject to mutual agreement with the successful purchaser). This provides for meaningful holding income, as well as site security, over the short to medium-term.
Together with a second (residential) tenant, the subject property is entirely leased and therefore offered on a going concern basis (subject to the relevant leases). This provides the successful purchaser with significant cash-flow benefits in relation to GST when compared to development sites offered with vacant possession. If for any reason going concern treatment becomes unavailable, GST will be added to the price.
The combined effect of these points allow the successful purchaser greater flexibility in relation to cash flow obligations in the early phases of development.
2 DA APPROVALS ALREADY IN PLACE
As well as the Masterplan approval (and subsequent Section 96 approvals), two elements of the scheme now have the benefit of detailed DA approval.
Stage 1A relates to 18 townhouses on the south-eastern side of the subject site. Stage 1B relates to 9 terrace houses on the north-eastern side of the subject site.
These approvals provide the opportunity to bring key construction personnel to the scheme in the short-term as well an ability to commence the marketing and sales programme whilst the remaining stages of the scheme are being finalised.
*Approx.
**16 titles across 9 street addresses
