Ashbury development site the ‘largest in a decade’
The largest development opportunity to grace the inner west in more than a decade is set to see a 3.14ha industrial site transformed into high density apartments.
The two adjoining sites at 149-163 Milton St and 165 Milton St in Ashbury are being offered together or individually, and have been rezoned by Canterbury-Bankstown Council following a five-year process.
They back onto WH Wagener Oval and could house more than 350 dwellings made up with a mixture townhouses and apartment blocks.
Ray White Commercial Western Sydney managing director Peter Vines would not be drawn into revealing the price guide, but industry sources speculate the combined 3.14ha site is worth $90 million — $50 million for 149-163 Milton St and $40 million for 165 Milton St.
No. 149-163 Milton St is on 1.65ha.
Vines says a development opportunity like this has never been seen in the inner west in more than a decade.
“It is impossible to find something in the area on this scale — the last time something similar came up was around Leichhardt over 10 years ago and it was not of this size,” he says.
The site has R4 High-Density residential zoning with a floor space ratio of 1:1:1. It is expected to cater to the owner occupier market and its elevated position could mean city and district views from the higher floors.
Property records reveal the sites are owned by two different developer groups. No. 149-163 Milton St was acquired by Sydney developers Michael Teplitsky, Felix Milgrom and Boris Markovsky through Ashbury FMBM in 2014 for $30.88 million.
No. 165 Milton St is believed to be worth $40 million and is on 1.49ha.
The smaller site at 165 Milton St was purchased in 2015 for $17.1 million by Joe Nahas through Ashbury Developments Pty Limited, according to CoreLogic. They are both leased by industrial businesses at the moment.
The landholding is set to high sought after by blue chip residential development firms, with Mr Vines expecting the site to be sold as one.
“The highest and best value for this is one lot, as it allows large developers the ability to offer the site in stages.”
Locals in the past have previously voiced concerns about a project of this size being built, but Mr Vines said the area stands to benefit from the development.
How Milton St currently looks.
“The buildings there at the moment are an eyesore and the approved rezoning means townhouses will be at the front and higher buildings at the back, which will be less imposing than now,” he says.
“This site is an opportunity to create a local community hub with shops and cafes.”
Expressions of internet are being sought from Mr Vines and his colleagues Victor Sheu and Jeff Moxham until August 12.
This article from the The Daily Telegraph originally appeared as “Ashbury 3.5ha site carries $90 million hopes as it is set to be transformed into 350 apartments”.
