Sammut Group has snapped up another top Cronulla development site, paying $38 million for a block of 18 red brick flats opposite the beach and next to the walkway from the train station.
A nine-storey mixed used complex, which will rise on the site at 67 Gerrale Street, will have north-facing dining and retail next to Beach Park Avenue, along with 25 luxury two and three bedroom apartments.
The project will be similar to Banc in the mall, which Sammut Group also developed.
The 1327 square metre property extends through to Surf Lane, next to Monro Park, and is diagonally across from the group’s recently approved Parc development.
A nine-storey mixed used complex will have north-facing restaurants and retail next to Beach Park Avenue and 25 luxury two and three bedroom apartments. Picture Chris Lane
The sale rate of $9400 per square metre on potential gross floor area (GFA) for the Gerrale Street property is a new record for Sutherland Shire.
Sammut Group purchased the site from 18 owners in a strata amalgamation in an off-market deal in December 2021. The sale was announced this week.
Sammut Group chief operating officer Julian Sammut said the development would provide the “missing link” between the train station and beach.
“We envisage it being a nice new hospitality precinct very similar to Banc,” he said.
“We are working with our architects and designers who are taking inspiration from the location to produce an outcome that will not only be elegant and in context with its surrounds, but it will be relevant for years to come.”
A development timeline of “two to three years” is envisaged.
It will mean Sammut Group working on three major developments in Cronulla CBD at the one time, the others being Parc and the Northern Gateway project opposite the top end of the mall.
Mr Sammut said the company was “more than capable” of managing the mix of developments.
The rear of the property facing Monro Park. Picture: Chris Lane
Knight Frank agents Anthony Pirrottina and Demi Carigliano negotiated the Gerrale Street sale.
Mr Pirrottina said the sale rate for the property was the highest ever for Cronulla and the shire and one of the highest for the year in Sydney outside of the eastern suburbs.
“This site is arguably the best development site in Cronulla, being directly across the road from Cronulla beach and overlooking parks on two sides,” he said.
“It was an exceptionally rare opportunity to acquire a residential apartment block with immense development potential in one of Sydney’s most tightly-held beachside precincts.”