Midas Rockdale for sale with approved plans for 57 apartments

Apartments are approved for 602-608 Princes Highway, Rockdale.

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.

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It is expected to sell for more than $9.5 million at the conclusion of an expressions of interest campaign.

An artist’s impression of the future approved apartment site.

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.

The site is located near a number of other apartment sites.

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.