Savills News

DA Approved boarding house development to sell in Eastwood

A DA approved boarding house development opportunity in the heart of Eastwood Village has hit the market with local, interstate and international investors already showing strong interest.

Located at 14A Ethel Street, the property presents as a 432sq m* land holding with an existing single storey residential dwelling and DA approval for the construction of a boutique development comprising 21 self-contained studio apartments, 1 common room and 1 manager’s room, with a maximum Building Height of 15.5 metres.

In addition to its DA approval, the property benefits from its immediate proximity to Eastwood Railway Station and Commercial centre – less than 140m* from the property – a “complete package” presenting value to developers and investors alike.

The property is exclusively for sale through Andy Hu and Jordan Lee of Savills Australia and Anthony Pirrottina and Arland Domingo of Knight Frank, who said as a multicultural hub of the City of Ryde, Eastwood is strategically situated 17km* from Sydney CBD and 9km* from Parramatta CBD.

According to Andy Hu, Joint State Head, Asia Markets at Savills Australia, “At the heart of this leafy residential suburb lies a commercial hub with unparalleled amenity and public transport options.

“14A Ethel Street offers immediate access to Eastwood’s ample transport infrastructure and is less than 140m* to Eastwood Railway Station, with journeys to Town Hall taking approximately 40 minutes, and 140m* to the nearest bus stop, with direct routes to Sydney CBD. Victoria Road, one of Sydney’s key thoroughfares, lies 2km* south of the property.”

400m* south of the property is Eastwood Shopping Centre, providing a convenient shopping location. The property is also within close proximity to several renowned shopping destinations, such as Top Ryde City Shopping Centre and Macquarie Shopping Centre, 6-minute* and 10-minute* drives from the property, respectively.

According to Anthony Pirrottina, Senior Sales Executive, Metro Sales at Knight Frank “In addition to its outstanding transport and amenity, 14A Ethel Street benefits from an abundance of nearby education institutions and medical facilities, including: St Kevin’s Catholic Primary School (550m*), Marist College (600m*), Eastwood Public School (830m*), and Eastwood Heights Public School (1.4km*).

“Ranked within Australia’s top 10 universities, Macquarie University is just 2.8km* from the property with its associated Macquarie University Hospital, offering Australia’s first and leading private teaching hospital. Ryde Hospital is a mere 800m* away.”

Other communal features of Eastwood include: Eastwood Park (250m*), Eastwood Library (260m*), Darvall Park (440m*) and Glen Reserve (520m*).

Mr Hu said the property is architecturally designed to maximise returns with minimal construction costs.

“We have already received a lot of interest from local and interstate investors, looking for a secure Sydney asset. Upon completion we anticipate strong rental demand for 14A Ethel Street. We estimate a fully leased income of $514,800 - $630,000pa (gross) may be achievable in addition to other revenue streams like laundry, Wi-Fi, car parking etc.” he said.

14A Ethel Street Eastwood is for sale via public auction on Thursday, 3 October 2019 at 10:30am (AEST) at Cooley Auction Centre, Level 5, 1 Margaret Street, Sydney NSW 2000.

*Approximate

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