Read the published article here
Red brick 18-apartment block on 1,327sq m land at 67 Gerrale Street Cronulla sold for $38m to the Sammut Group from 18 owners in a strata amalgamation at $9,400/sqm on potential GFA by Knight Frank agents Anthony Pirrottina and Demi Carigliano.
A Cronulla development site directly across the road from the beach has sold for $38 million in an off-market deal, setting a new record sale rate for Cronulla and the Sutherland Shire.
The property at 67 Gerrale Street, consisting of a traditional red brick 18-apartment block on a 1,327sq m site, was purchased by Sammut Group from 18 owners in a strata amalgamation, who joined together to sell the property.
The deal was negotiated by Knight Frank agents Anthony Pirrottina and Demi Carigliano at a rate of $9,400 per square metre on potential gross floor area.
The Gerrale Street property is 110 metres from Cronulla Beach and 20 metres from the Cronulla Train Station. It is surrounded by amenity including an abundance of schools, with Westfield Miranda, Kareena Private Hospital and The Sutherland Hospital within a 10-minute drive.
Mr Pirrottina said the sale rate for the property, which offers significant potential for future redevelopment, was the highest ever for Cronulla and the Sutherland Shire.
“It’s also one of the highest sale rates for a development site this year outside of the eastern suburbs,” he said.
“This site is arguably the best development site in Cronulla, being directly across the road from Cronulla Beach and overlooking parks on two sides.
“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.”
Mr Carigliano said the property, which has three street frontages – to Gerrale Street, Beach Park Avenue and Surf Lane – totalling 115 metres, was ripe for a future residential development.
“We have seen strong demand for development sites this year, particularly those with high-end residential development potential, due to the residential boom, but this site was particularly sought after,” he said.
“Cronulla is the premier postcode of the Sutherland Shire, with growing values for off-the-plan apartment sales, and the prime location of this particular site will ensure strong buyer demand for any future residential development.
“A residential project on this site would provide idyllic beachside living, with pristine water views of Cronulla Beach and Gunnamatta Bay, close to infrastructure and amenity.”
The Cronulla site is rectangular shaped with prominent street exposure, ideal for an efficient build, and would provide a potential gross floor area of 3,981sq m, subject to council approval.
Sammut Group is well-regarded for their award-winning work across Sydney and interstate, with projects including Banc and Breeze at Cronulla and a number of high quality residential projects currently underway and in planning elsewhere in Sydney and Queensland.
The business is also known for delivering ‘Nautilus’ on Woolooware Road overlooking Burraneer Bay – a 3,965sqm home set over six levels – which has garnered several awards, including HIA House of the Year and MBA House of the Year, for its architectural merit.
Sammut Group Director and CEO Allen Sammut said their acquisition of 67 Gerrale Street paves the way to make a significant contribution to Cronulla, helping to create the ‘missing link’ connecting the popular suburb from the station to the beach, with both residential and retail activation.
“It’s a brilliant site. We’re delighted to have secured this opportunity and look forward to further enhancing this fantastic part of Sydney,” he said.
Sammut Group Chief Operating Officer Julian Sammut said: “It’s an exceptional location which commands an equally exceptional design. 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.