In what is a further vote of confidence in the Wollongong Property Market, a major mixed-use, city development site transacted this week for an undisclosed sum.
The site, made up of six adjoining allotments, has frontages to Burelli Street, Church Street and Stewart Street and totals approximately 4,330sqm in land area.
“This is a significant sale for Wollongong on a number of levels but on value quantum alone, it is literally one of the highest sale prices for a development site in our city’s history” said Tim Jones selling agent and Director at MMJ Wollongong.
The property represented one of the largest contiguous land holdings in the city centre precinct and boasted close proximity to McCabe Park, Wollongong Central Shopping Centre, Wollongong Mall and the recently overhauled Woolworths Wollongong. It was well enquired on from day one, which according to Mr Jones, was a reflection of its location.
“We had strong interest in this throughout our selling campaign but this was no surprise to us given the amount of lifestyle benefits that the location can boast”.
After enduring some strong competition from a number local, Sydney and interstate buyers, a Sydney-based developer/investor with local ties won the day.
“Once again, interest came from far and wide which is a huge thumbs-up for our city. It’s really pleasing to see that we are increasingly on the radar for non-local buyers”, said Mr Jones.