The Residential Redevelopment market of the Illawarra shows no signs of slowing down in the months leading up to the Christmas break with 48a & 50 Kembla Street selling recently at Auction.
The two homes with an approved development approval for 19 apartments (sold in one line) received over 50 enquiries throughout the campaign which lead to numerous registered bidders and a total of 108 bids during the auction.
The property, which boasts two separate, near level lots of land combining to an impressive site area of 1,182m2 was snapped up by a Sydney based developer with the intention of acting on the approved development approval.
MMJ Director and Residential Sales Agent, Daniel Hastings said
" This is another example of the maturing Illawarra market where both local & non-local buyers are recognising the lifestyle benefits of our region & the opportunity for viable re-development opportunities."
"The DA consent that already exists for the site created some certainty which undoubtedly added to the appeal of the site & ensured very pleasing level of inquiry. The sale exceeded the sellers expectations, which is no surprise when you consider the 108 bids received."
MMJ Real Estate has seen an increase interest to invest in development from local, national and international developers. Wollongong has a unique offering with its industry, education and lifestyle attractions a big drawcard for the region.
" It’s great to see so much interest in Wollongong, the region has so much to offer and is increasingly becoming a popular destination for business owners, residents and tourists. We’re excited to see more growth in the region in the coming years. "
Says Sales Agent and Director David Geary.