Developers battle it out for Paddington residential site

Media release - 15th December, 2014

An outstanding DA-approved residential site in the heart of Paddington has sold at auction for $2.6 million.

The deal for 52 Hopewell Street, Paddington was brokered by Michael Carolan and Michael Laing of Raine & Horne Commercial Bondi Junction, with the substantial site of just over 610m² garnering significant interest.

“There were approximately 80 strong enquiries during the four-week auction marketing campaign, showing the significant and continued level of interest in development sites throughout Sydney, and in particular sought-after inner city areas like Paddington,” said Mr Carolan.

Bidding started at $2.2 million and quickly rose, with three registered bidders vying for the redevelopment opportunity.

The final sale price represented some $4,260/m² in base land value for the Hopewell Street site.

“This property has DA approval for a massive 1,200m² designer residence, including separate basement approval of 550m² – a rarity in Paddington,” added Mr Carolan.

According to Mr Laing, the sale continues his firm’s strong success in marketing commercial redevelopment sites for commercial/residential purposes.

“I believe the idyllic location, metres from Oxford Street shops, cafes, galleries, transport and excellent parks and schools, played a significant role in the number of strong developer enquiries we received.

“We are now searching for other sites for qualified buyers wishing to take advantage of the strong residential market,” said Mr Laing.

Mr Carolan and Mr Laing also recently sold 21 Belmore Road, Randwick to an investor/developer for $2.65 million.

For all your commercial sales and leasing requirements in eastern Sydney, contact Raine & Horne Commercial Bondi Junction on 02 8383 9999.

–ENDS–

For further media information contact:

Michael Laing, Director, Raine & Horne Commercial Bondi Junction on 0414 606 035

Michael Carolan, Sales Executive, Raine & Horne Commercial Bondi Junction on 0428 638 430

Why Raine & Horne Commercial?

Raine & Horne Commercial knows local and regional property markets intimately, with the support and systems of a long-established national and international property group. Our clients benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.