The owners of a Midas servicing centre are set for a financial windfall following the listing of a 1479sqm site in Sydney’s south.
The Princes Highway site in Rockdale is being offered to buyers with approved plans for a residential apartment complex.
It is expected to sell for more than $9.5 million at the conclusion of an expressions of interest campaign.
The landholding at 602-608 Princes Highway is currently owned by Anthony Motors Pty Ltd and Matadell Pty Ltd, who both previously occupied the site.
It is currently tenanted to Ozzy Tyres and a Midas auto servicing centre, which are generating over $270,000 per annum in rent.
The DA plans allow for the construction of 57 apartments with a 48m frontage onto the Princes Highway.
This would include three small offices, 25 one-bedroom, 27 two-bedders and two three-bedroom residences. There would also be 61 parking spaces over two basement levels.
Colliers national director Trent Gallagher said the buyers could also look to amalgamate the site with the neighbouring properties to create a mega unit complex.
“A DA approved site such as this is very hard to come by in this market,” he said
Mr Gallagher said if a buyer teamed up with the neighbours it would unlock a 2000sqm site and allow for an additional 9m in building height.
“The area has recovered very well and pre-sales for apartments will be strong,” he said.