- Site was purchased from a strata amalgamation of 18 owners
- Deal equates to $9,400 per sqm of potential gross floor area
- The developer hopes the site activates the link between the beach and train station
A Cronulla development site has been sold at a record high price for Cronulla and the Sutherland Shire.
The 1,327sqm site at 67 Gerrale Street – home to a traditional red brick 18-apartment block – was acquired by Sammut Group in an off-market deal worth $38 million.
The developer purchased the site from the 18 owners in a strata amalgamation who all joined together to sell the property.
Along with being 119 metres from Cronulla Beach, the property is just 20 metres from the Cronulla Train Station. Within a 10-minute drive radius, there are numerous amenities such as schools, Westfield Miranda and both the Sutherland and Kareena Private Hospitals.
Knight Frank’s Anthony Pirrottina and Demi Carigliano negotiated the deal, which equates to about $9,400 per square metre on potential gross floor area.
Mr Pirrottina said that while the sale rate was the highest ever for Cronulla and Sutherland Shires, it is also one of the highest sales rates for a development site outside of Sydney’s eastern suburbs.
“This site is arguably the best development site in Cronulla, being directly across the road from Cronulla Beach and overlooking parks on two sides.,” he said.
“It was an exceptionally rare opportunity to acquire a residential apartment block with immense development potential in one of Sydney’s most tightly-held beachside precincts.”
Mr Carigliano added there has been strong demand for development sites this year, especially for high-end residential, however, this site was especially sought after.
“Cronulla is the premier postcode of the Sutherland Shire, with growing values for off-the-plan apartment sales, and the prime location of this particular site will ensure strong buyer demand for any future residential development,” he said.
“A residential project on this site would provide idyllic beachside living, with pristine water views of Cronulla Beach and Gunnamatta Bay, close to infrastructure and amenity.”
The Cronulla site, which has three street frontages, is rectangular shaped and can provide a potential gross floor area of 3,981sqm, subject to council approval.
Busy times for Sammut
Sammut Group has been involved with a range of developments across the eastern seaboard, including both the Banc and Breeze at Cronulla. The team currently has various residential projects underway with planning underway for more across Sydney and Queensland.
In October last year, Sammut received approval for a $200 million Gold Coast development in just four months.
Sammut also delivered Nautilus on Woolooware Road, overlooking Burraneer Bay. The 3,965sqm home set over six levels garnered many awards, including HIA House of the Year and MBA House of the Year.
Commenting on the acquisition, Sammut Group Director and CEO Allen Sammut said 67 Gerrlae Street will help to establish the ‘missing link’ from the suburb to the station and beach through residential and retail activation.
“It’s a brilliant site. We’re delighted to have secured this opportunity and look forward to further enhancing this fantastic part of Sydney,” he said.
“It’s an exceptional location which commands an equally exceptional design,” added Julian Sammut, Sammut Group Chief Operating Officer.
“We are working with our architects and designers who are taking inspiration from the location to produce an outcome that will not only be elegant and in context with its surrounds but it will be relevant for years to come.”