AYMCI site ovation quarter
Artists impression of the proposed development. Image supplied.
  • The circa 20,000 sqm site has been approved for a mixed-use development
  • Located in the Carter Street Precinct
  • Knight Frank is taking the site to market

A residential development site adjacent to Sydney Olympic Park within the Carter Street Precinct has been listed for sale.

The circa 20,000 sqm site at Fantail Street in Lidcombe has been approved for a mixed-use development with 40,000 sqm of gross floor area, including 411 apartments, eight shops, communal facilities and a childcare centre.

It is touted to attract above $78 million from developers.

The site is Stage Two of the 18-hectare site owned by AYMCI which will deliver road and civil infrastructure linking the amenity of the local town centre.

The first stage, Ovation Quarter, consists of 421 apartments and six neighbourhood shops. AYMCI has mostly sold the assets

Knight Frank’s Dominic Ong, who is taking the site to market with colleagues Tim Holtsbaum and Grant Bulpett, said the property represents a unique opportunity for developers given the location and size of the site.

“The asset sits in the strategic heart of one of the world’s most dynamic cities and offers a developer a significant hold on the growth story that is the Sydney economy,” he said.

“This is one of the last remaining development opportunities within the Carter Street precinct and takes full advantage of the booming Sydney Olympic Park.

“The New South Wales Government’s Carter Street Precinct Framework will transform the area into a premier commercial and residential district, with the AYMCI site the prime gateway into it.

“Carter Street will be a green and vibrant new walkable community with open space, school, a village centre, amenity and employment, as well as quick connections to Sydney and Parramatta via the Western Motorway, the future Sydney Metro West and the Parramatta Stage Two Light Rail.

“With major road, rail and bus links, this asset is located within easy reach of the city, major commercial areas with plenty of amenity and a young, highly educated workforce.”

Development market still booming

Along with the DA already approved, the $4.2 million Planning Agreement obligations have already been paid to the State Government by the vendor. There are services on the boundary of the site, with demolition complete too.

Mr Holtsbaum added that demand for residential development sites had been popular in Sydney due to the current boom, even amid a recent slowdown, supply constraints and an ongoing labour shortage.

“There is a housing undersupply in Australia that shows no sign of abating, particularly with population growth set to increase again now international borders are open,” he said.

“This will underpin residential prices going forward, and developers are looking to capitalise on this.”

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