An inner west suburb is set for further apartment development with a DA approved 1998sqm site selling a week out from auction for nearly $10 million.
The five lot landholding at 118-128 Tennyson Rd in Mortlake sold to a local developer for $9.6 million after competitive negotiations.
LJ Hooker — Strathfield principal David Pisano said the buyer of the block with Sydney views will look to use the approved DA that allows for 36 luxury apartments and basement parking for 86 cars.
The large sale follows the property hitting the market in January with price expectations of $9 million-$10 million.
Mr Pisano said it was a great result for the Tennyson Rd complex that received huge interest from a mix of local to large developers.
“These smaller sites are highly sought after at the moment in the inner west as there just isn’t many opportunities around,” he said.
The DA has provisions for 36 boutique residences 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 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 apartments will also have private balconies that will capture some of the views.
The real estate agent said the property would 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,” Mr Pisano said.
The listing ad says the entire site is currently tenanted and is generating a rental return of around $200,000 at all costs.