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Rare Canley Heights property sells for $2.6 million above reserve

November 1, 2023

A rare property in an unrivalled location in Canley Heights in southwestern Sydney has landed a significant financial coup for its owners by selling for $2.6 million above reserve.

Listed by the outstanding sales team of Peter Ly, Principal of Raine & Horne Cabramatta/Canley Heights/Hoxton Park/Green Valley and his colleague Thuy Dung Helena Mai, the prime piece of real estate with development potential sold under the hammer for $4.6 million. 

According to Peter Ly, this much-loved three-bedroom family residence lies in a tightly held location. “It boasts a desirable rectangular block of approximately 742sqm and offers an impressive investment and development potential with building flexibility for a new modern designer home, granny flat potential or even medium to high density residential/commercial development by acquiring adjoining properties.

“This property appealed to buyers because of its R4 zoning, prime location, and generous land size. It’s the original brick house, but an old brick house is very solid but will need plenty of work internally.”

“We had three groups that wanted the property for whatever their reasons. It is as close as you’ll get to the local shops and adjoins a 30-park Fairfield municipal car park.

Out-of-area buyers 

The buyer of the well-appointed single-level brick veneer family residence is from overseas. At the same time, the other bidders included a syndicate from the eastern suburbs and a buyer from Milsons Point.

Mai says, “The buyers acquired the property intending to provide a home for their three children attending university in Sydney. They appreciate the property’s convenience, as it allows them to visit their kids while providing a place for them to stay.”

Key features of 45 Derby Street, Canley Heights

  • Land size of approximately 740sqm
  • Dimensions: 15.3m x 48.3m
  • Zone R4 High-Density Residential
  • Potential apartment development (S.T.C.A.)
  • Potential townhouse development (S.T.C.A.)
  • Potential granny flat development (S.C.T.A.)
  • Perfect rectangular and level block

For all your sales and property management needs in Cabramatta, Canley Heights, Hoxton Park and surrounding suburbs contact Raine & Horne Cabramatta/Canley Heights/Hoxton Park/Green Valley on 02 9727 8822.