The Australian suburb of St Peters is expected to become the next development hotspot in Sydney as supply levels in the sought after Alexandria, Rosebery and Waterloo areas of South Sydney become scarce, forcing developers to look to the inner-west for residential opportunities.
CBRE Industrial and Logistics Services Manager Mark Silva said there had been a significant upturn in enquiry levels for sites with development potential in St Peters.
He said: “Over the past 12-18 months, South Sydney suburbs like Alexandria have experienced a flurry of development activity, with buyers swooping on industrial sites that have residential potential.
“The insatiable appetite for residential property in Sydney is driving the trend and, as a result, more and more areas across South Sydney and the inner-west are undergoing transformation.
“St Peters remains a relatively untapped market for mixed use development, however, that is changing with more developers looking to gain a presence in the area, which is surrounded by great amenities.”
Silva said the upcoming sale of a developable industrial property at 36 May Street and residential terrace at 11 Hutchinson Street, St Peters, was likely to add further fuel to the heating up market.
CBRE Manager, Residential Development, Richard Gell said momentum was gaining in the St Peters market.
“St Peters is highly sought after due to its close proximity to the central business district and central position in Sydney’s thriving inner west,” he said.
Thirdi Group is currently developing the boutique Rinato Project on May Street, which features a development of 49 terraces and modern apartments with 10 creative commercial suites.
“In further evidence, a developer recently paid AU$8.2 million for a smash repairs workshop, approximately 1,256 sqm in size with residential development potential,” Gell said.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
