A residential apartment block in Merrylands has 92 per cent of its income derived from NSW Land and Housing Corporation.
A rare property featuring 44 apartments (43 of which are social housing) and four retail shops has come to market.
In a market starved of completed residential stock and a burgeoning residential market underpinned by net migration, the property is expected to appeal to a broad buyer group seeking to extract the entrapped value from this prime complex.
The property at 315-323 Merrylands Road comprises a well-appointed mixed-use development of 44 apartments and 4 retail shops above 69 car spaces on two basement levels.
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 just 2km south of Parramatta CBD, with Merrylands being the largest town centre and suburb within the Cumberland local government area. The complex enjoys its proximity to Stockland Mall (400m) and Merrylands Station (800m).
The apartments are considered a premium offering in the Merrylands market given their high-quality finishes, well-appointed layouts and ample parking allocation. Internally the apartments feature modern kitchens equipped with gas cooktops and dishwashers.
Typically, the floors are carpeted, bathrooms tiled and walls and ceilings plasterboard.
The Colliers team of Matthew Meynell and James Cowan have the exclusive listing on behalf of vendor, Costa Nicodemou of Newpoint Advisory, with price expectations into the $20 millions.
“Nationally, the Institute of Public Affairs (IPA) recorded 380,000 new migrants into Australia through FY2022-FY2023, while only 148,000 new dwellings were built. Within NSW, net overseas migration is forecast to reach a record high +174,000 in FY2023. This alone demonstrates the sharp supply cliff we have already reached and until meaningful stock is delivered to the market we will continue to see strong rental and price growth,” Mr Meynell said.
“The median apartment price in Merrylands is $479,500, whilst the median house price is $1,265,000 meaning the average house is 2.6x more expensive than the average apartment. With the low level of completions throughout 2022, 2023 and 2024, there is an alarming undersupply of apartment stock in this location which is a concern due to the affordability crisis that freehold dwelling prices have created. We expect investors will take this into consideration when conducting their due diligence and ultimately competing on this opportunity,” Mr Cowan said.
315-323 Merrylands Road is for sale via an Expressions of Interest campaign on Thursday, October 10 2024 at 2:00pm.
