Newtown property back on market three years after breaking price record

Newtown’s largest residential landholding is on the market less than three years after it broke the then suburb record.

The 622sqm site at 20-28 Munni St is on five titles and is expected to sell for around $4 million.

Since it sold for $3.85 million in 2017, the four-bedroom house and swimming have been demolished to create a vacant block of land.

It is now being sold at auction next month as a development site with DA approved plans for four modern terraces and a basement carpark for six cars.

What 20-28 Munni St in Newtown looked like in 2017.

The property is a vacant block on a huge 622sqm landholding.

Colliers International’s Trent Gallagher and CBRE’s Matthew Fenn share the listing, and expect the end product to break a number of records in the area.

“It is very rare for a development of this land size to be available in Newtown and we are expecting strong interest from residential developers,” Gallagher says.

He added there were a number of competitive buyers due to a lack of land available in this part of the inner west.

Artist impression of what four new luxury terraces will look like.

The property will go to auction on March 12.

“DA approved sites are currently in high demand due to the slow approval times being experienced NSW-wide,” Gallagher says.

Developers will also be able to liaise with council to amend the DA to increase the yield. The block’s zoning also allows for boarding houses, childcare centres and co-living products.