Sammut Group has bought a beachfront development site in Cronulla, Sydney from a group of property owners for $38 million, setting a new sale rate for the area.  

The 67 Gerrale Street property comprised an 18-apartment block on a 1,327 sqm site, located directly across the road from Cronulla Beach and 20 metres from Cronulla train station. 

Sammut Group acquired the property from a strata amalgamation of 18 owners who joined together to sell the property.  

Sammut Group Director and CEO Allen Sammut said their acquisition of 67 Gerrale Street paved the way to make a significant contribution to Cronulla, helping to create the missing link connecting the popular suburb from the station to the beach, with both residential and retail activation.  

The deal reflected a sale rate of $9,400 per sqm on an estimated 3,981 sqm of potential gross floor area, which set a new record for the highest sale rate in Cronulla and the Sutherland Shire. 

Knight Frank agents Anthony Pirrottina and Demi Carigliano negotiated the sale.  

“It’s also one of the highest sale rates for a development site this year outside of the eastern suburbs,” Pirrottina said. 

“This site is arguably the best development site in Cronulla, being directly across the road from Cronulla Beach and overlooking parks on two sides. 

“It was an exceptionally rare opportunity to acquire a residential apartment block with immense development potential in one of Sydney’s most tightly-held beachside precincts.” 

Carigliano said they had seen strong demand for development sites this year, particularly those with high-end residential development potential due to the residential boom. 

“Cronulla is the premier postcode of the Sutherland Shire, with growing values for off-the-plan apartment sales, and the prime location of this particular site will ensure strong buyer demand for any future residential development,” Carigliano said. 

The transaction comes after a local developer paid $18 million for an amalgamated Neutral Bay site in Sydney this week, selling for more than $1 million above the price guide.   

Located at 165-173 Military Road, the 762 sqm site comprised four fully leased, two-storey freehold properties on a prominent lower north shore location.   

The Neutral Bay sale price reflected a net passing yield of about 2.5%.