The amalgamated development site at 84-49 Gordon Crescent, Lane Cove North, which sold for $19.75 million.

The potential development site overlooking Batten Reserve at 84-90 Gordon Crescent, Lane Cove North, comprises four titles with a combined land size of about 3,792sq m, which were marketed in one line through Ray White Commercial NSW’s Jeff Moxham and Scott Timbrell, along with Ben Wicks of CBRE.

The successful buyer, Chinese-backed local developer Apex Property International, is preparing to submit a Development Application (DA) for the site, which could allow for up to 85 apartments.

“The sale of this site is another reminder to a supposedly cautious market that demand remains strong for development sites throughout Sydney,” Mr Moxham said.

“It also indicates that developers are still prepared to pay a strong market price for A-class developments.”

Mr Wicks added that the sale further confirms the strength of the Lane Cove market.

The amalgamated development site at 84-49 Gordon Crescent, Lane Cove North, which sold for $19.75 million.Source:Supplied

New residential developments thanks to rezoning have seen the area attract increased interest from Chinese and offshore buyers who often favour off-the-plan properties due to FIRB (Foreign Investment Review Board) requirements.

Data released by REA Group’s Myfun.com showing Lane Cove leapt nine rankings in three months to ninth place overall in the list of most searched suburbs by Chinese buyers in NSW.

“Availability of apartment stock is a key driver of interest in Australian suburbs,” REA Group’s chief economist Nerida Conisbee said.