A development-approved residential site in Fairy Meadow has captured the attention of numerous developers since hitting the market. The north-facing 8342-square-metre block of low-density residential land at 42 Bassett Street, Fairy Meadow, has development application (DA) approval for eight townhomes.
Property details and price guide
The proposed townhomes would be three to four-bedroom residences with internal areas ranging from 133 to 190 square metres. Each dwelling would feature north-facing living spaces, private courtyards, and internal garage access. Co-selling agent Taleah Thomas from Colliers Wollongong stated that the price guide for the site is in the low $2 million range. Buyer interest so far has come exclusively from developers, primarily from the Illawarra region, though some Sydney buyers are also eyeing the Illawarra market.
“It’s a good job to get stuck into straight away with the approval in place,” Ms Thomas said. “Its highest and best use is definitely the townhomes.” According to Cotality records, the site was previously sold in 2019 for $980,000.
Community contention and planning history
The property has been the subject of community debate regarding the extent of development. It took several years to secure the DA approval after the owner initially sought to build 16 townhomes on the site. Residents raised concerns about issues such as traffic and flooding. Co-selling agent Nathan Berlyn from Colliers Sydney noted that there were neighbourhood objections, partly due to a riparian corridor at the bottom of the site.
“There were some neighbourhood objections, and there’s the riparian corridor down the bottom there,” Mr Berlyn said. “It’s a unique offering… There’s massive amounts of green space, native wildlife, deer and everything. Each of these dwellings will have a nice green outlook. It won’t feel like a typical townhouse development; there will be green open space all around you.”
Development potential and constraints
The approved scheme utilises only a portion of the site’s development capacity. Mr Berlyn explained that constraints include council land adjacent to the property and the riparian land at the bottom, which made the approval process more challenging. However, he noted that there is a large amount of gross floor area approved, and a future developer could potentially increase the yield by pushing the envelope.
“It’s [DA] approved, but there’s a large amount of gross floor area there… Someone who wants to push the envelope down the track, and potentially increase the yield, they could look at that,” Mr Berlyn said. “But whoever develops this, they’re going to have a pretty unique development.” The site also includes a three-bedroom home, which Mr Berlyn described as “very original.”
Sale process
The property is for sale via Expressions of Interest, with the deadline closing on May 19. The listing has attracted strong interest from developers, reflecting ongoing demand for well-located, approval-ready sites in the Illawarra region.
