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Stockland add to North Sydney Development site
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Cronulla Apartment Block Acquired by Pitt Street Real Estate
October 26, 2019
Pitt Street Real Estate Partners, a subsidiary of Washington H. Soul Pattinson, have acquired two blocks of apartments in Cronulla for $38.2m ($21,878/sqm of site area). The apartments were offered in one line following the agreement by all 30 individual owners to sell up. The sale was managed by JLL.
The site is 50m from town centre, 250m from Cronulla train station and sits opposite Cronulla park & Cronulla Beach.
Under the Sutherland Shire Councils LEP town planning scheme the subject property has a B3 Commercial Core zoning, 3:1 FSR and 30 metre height limit or nine to 10 storeys. The amalgamated property has a combined site area of 1,746 square metres providing up to 5,238sqm of GFA.
In July 2019, a large 1,468sqm block at 138-142 Cronulla Street, sold for between $18 and $20 million ($13,623/sqm of site area). The site, zoned B3 commercial, allows for a mixed use development of up to six storeys with shops at the bottom and apartments above.
Meanwhile, a development at 18 Gerrale Street, on the corner of Cecil Monro Avenue is struggling to obtain a development approval for a nine-level development, comprising ground floor shops and one apartment per floor above, as well as a rooftop swimming pool due to excessive floor space and the potential to result in unacceptable visual bulk, privacy impacts as well as view loss for adjoining developments.