Major social housing project for sale for $20m+
A major social housing building in Sydney’s west has hit the market expecting to sell over $20 million.
The Merrylands apartment block has 42 apartments, only one of which is not social housing, with four retail shops.
Currently, 92 per cent of the buildings income is from NSW Land and Housing Corporation.
Located at 315-323 Merrylands Rd, there is also 69 car spaces on two basement levels.
The lease extends through to August 2025.
Colliers agents Matthew Meynell and James Cowan are selling on behalf of vendor Costa Nicodemou from Newpoint Advisory, with “price expectations in the $20 millions.”
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The Merrylands social housing apartments that are up for grabs.
With a land area of 2,076 sqm and a total of 4,985 sqm in total strata area, the building was completed in circa 2019 and was recently strata subdivided.
The complex is located 25km west of the Sydney CBD and 2km south of Parramatta CBD, with Merrylands being the largest town centre and suburb within the Cumberland local government area. The complex is within proximity to Stockland Mall (400m) and Merrylands Station (800m).
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Located 400m from Stockland Merrylands shopping centre.
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The social housing units are considered “a premium offering in the Merrylands market, given their high quality finished, well-appointed layouts and amply parking,” according to Colliers.
The median apartment price in Me
rrylands is currently $480,000 and the median house is $1.26m, according to PropTrack.
“With the low level of completions throughout 2022, 2023 and 2024, there is an alarming under supply of apartment stock in this location which is a concern due to the affordability crisis that freehold dwelling prices have created,” Mr Cowan said.
315-323 Merrylands Road is for sale via an Expressions of Interest campaign on Thursday, 10th October 2024 at 2:00pm.
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