No. 14A Grosvenor St at Croydon is on the market with a development upside.
An original Croydon home dwarfed by several apartment towers has come up for sale with a development upside.
The 407sqm house backs onto the railway line near Croydon station and has the potential to be turned into a 26m high apartment tower.
With an original facade and older interiors, it is the only freestanding residence left on the even side of Grosvenor Street.
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The Croydon house is surrounded by multiple apartment towers.
Listed with Knight Frank agents Anthony Pirrottina, Demi Carigliano and Erin Penfold, 14A Grosvenor Street has a $2.5m-$3m guide ahead of an auction on October 1.
Knight Frank is advertising the dwelling as a “rare and unique landholding” with a potential achievable gross floor area of 1221sqm over eight storeys.
The R1 General Residential zoning, allows buyers to construct buildings of 26m in height with a floor to space ratio (FSR) of 3:1. Apartment blocks, boarding houses, child care facilities and community spaces are on the list of permitted uses for the site.
The block is near the Croydon train station.
Mr Carigliano said the landholding was more suited towards a smaller development compared to similar towers surrounding the landholding.
“Due to existing planning controls, it allows for a boutique residential development which is perfect for the current demand,” he said.
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The site has a height limit of 26m.
While the property is expected to be popular with smaller inner west focused developers, Mr Carigliano said the listing comes at a time when the market is seeing a shift from large scale projects to boutique products.
“Developers have been turning to smaller projects for a while as they’re easier to build, cheaper (easier) to finance and pre-sale ” he said.
The Croydon property near Burwood CBD follows a 3.14ha site in Ashbury coming up for sale last month, that is set to be home to 350 apartments.
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