Green Square’s last residential development opportunity for sale: Knight Frank

A big Zetland site just released to market is the last residential development opportunity in Sydney’s Green Square town centre, according to Knight Frank.

The 9693-square-metre site at 811 Elizabeth Street is zoned for mixed-use development, with three street frontages directly in the Green Square town centre and located diagonally opposite the planned aquatic leisure centre.

It comprises a regular-shaped, flat parcel of land, with a single-level showroom and ancillary office currently in place.

The site is being marketed by Knight Frank’s Eugene Evgenikos, Tim Holtsbaum, Dominic Ong and Adam Bodon.

811 Elizabeth Street will join other developments in the Green Square precinct (highlighted). Photo: Supplied

Mr Evgenikos said the close proximity to the aquatic leisure centre marked the site out from other development locations, with expectations that both local and offshore developers would indicate their interest.

“The soon-to- be-completed 5500-square-metre Drying Green Park, Gunyama Park and the aquatic leisure centre, all located within a short walking distance, provide a remarkable point of difference and desirability for any ensuing development,” he said.

“This is a premium site, and we are expecting a high level of interest. South Sydney is recognised as one of the most sought-after urban regeneration precincts in Sydney, and Green Square is considered the jewel in the crown.”

Mr Holtsbaum cited the success of existing residential development sales as evidence of what buyers could achieve, with a range of major local and international developers already active in the precinct.

“The dynamics of this site makes it a very attractive proposition,” he said. “Recent residential site offerings in the area include Mirvac’s The Finery at Waterloo, which is recording strong launch sales with over 75 per cent of the first stage release of 118 apartments and terraces sold.”

The Green Square Town Centre development area is 278 hectares and will eventually be home to 30,500 new dwellings, including around 10,000 now under assessment or construction, with an eventual total population of 61,000 expected.

The property is being offered via an international expressions of interest campaign, closing on August 30, 2016.