Tower gets green light
A 14-MONTH quest by two Sydney investors to find a buyer for a ready-to-go apartment tower development site on a major Labrador thoroughfare has ended with a $2.58 million sale at auction.
Daniel Kennedy and Robbie Dalmege, via DRX Investments, bought the 2050sq m site at 10-12 Frank St for $2.08 million in late 2015 from its owner of 13 years.
The property, occupied by houses, is on the corner of Baker St and also has access off Hunter St. It was auctioned by Burgess Rawson and sold with holding income of $79,800 a year.
Burgess Rawson’s Glenn Conridge said the buyer was a Brisbane investor who intended to develop a ninelevel tower approved for the site.
“Having the development approval in place made the site very attractive – all the hard work was done,” Mr Conridge said.
Thirteen years ago the eight-title holding was approved for a seven-level building. DRX gained a new approval for a higher building with 84 one, two and three-bedrooms apartments.
The design, by architects Rothelowman, includes a two-level basement and ground-level visitor parking.
DRX bought the property from DBB Developments, associated with Beau Watson, David Levestram and Bruce White-Parsons, and which paid $1.3 million for it in 2002.
It was auctioned in 2005, with the approval for the seven-level building in place, and passed in at $1.8 million.