4/144 Karimbla Rd, Miranda
A townhouse just sold in this luxury boutique 5 townhouse complex called ‘Sapphire’ marketed by Sean Egan of McGrath.
This beautiful development was first DA approved in late 2016, with 4/144 Karimbla Rd, Miranda being the first registered sale at $1,275,000.
There’s many components of this project I really like. The key one is each townhouse having 4 bedrooms. I think that made it much more desirable to a wider range of potential buyers.
The site was originally purchased in May 2013 for $1,225,000 which had a single level brick dwelling built in the 1950s on 1,679m2 of land.
What is interesting about this project is it’s located in R2 zoning. In many councils a townhouse development wouldn’t usually be permissible in such a zoning, however the land size meets Sutherland Shire council’s minimum lot size of 1,200m2 for multi dwelling housing.
According to council documents the project was estimated to cost $1,500,000 or approximately $300,000 per townhouse.
Council contributions likely exceeded $70,000 on this site.
If we make a rough estimate excluding holding costs, stamp duty and agent’s commission the whole project will have cost upwards of $3,000,000+.