A recent amendment to the Leichardt Local Environmental Plan will allow for hundreds of new homes to be built through the revitalisation of the former Kolotex and Labelcraft facilities on George St in Leichardt.
"This amendment will allow new homes and jobs to be created in close proximity to shops, schools and parks in an area of the city where there is little new housing coming on to the market," said Planning and Infrastructure Deputy Director General Stephen McIntyre.
"The site's proximity to different public transport options is consistent with our approach of ensuring new housing projects have access to existing and new transport infrastructure, like the inner west light rail extension."
Changes to the area will result in room for a medium-density residential development of nearly 330 new homes, as well as 1,400 square metres of retail and commercial real estate space.
This activity provides a number of opportunities for consumers considering property investment in Sydney. The revitalisation of this area will not only result in more homes coming on to the market at a time when demand is high and inventory is limited, but more construction will pump money into the local economy and help raise property values.
"A number of the buildings at the site are in poor condition and in a state of disrepair, while some are also vacant, and so the site's revitalisation will benefit not only those who eventually live and work there, but the surrounding neighbourhood, too," Mr McIntyre said.
If you're on the hunt for potential in the Sydney region, it appears that Leichardt should now be at the top of your list, as it will provide plenty of opportunity for both residential and commercial real estate investment.
Would you like to receive FREE updates with hot tips & market trends?