Developments in Leichhardt good for property market growth
Property in Sydney's Inner West suburbs could become a popular choice in the near future, with hundreds of new jobs and houses being created through the revitalisation of the former Kolotex and Labelcraft facilities on George Street following the approval of an amendment to the Leichhardt Local Environment Plan (LEP) earlier this week (March 4).
These two factory sites will be turned into hundreds of new homes, which are located close to public transport and other amenities in the region. These developments follow changes to the local planning controls in the area.
Planning and Infrastructure's Deputy Director General Stephen McIntyre stating the changes will allow for the development of around 330 new medium-density properties and 1,400 square metres of retail and commercial real estate. This could be great news for the local economy, especially with the expected population boom heading towards the New South Wales capital in the coming years.
"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 Mr McIntyre in a March 4 statement.
"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."
More than 700 jobs are expected to be created during the construction phase of the development, with another 125 expected to be ongoing after the space is completed. This provides areas for small businesses and established franchises alike to expand and grow in the Leichhardt community - stimulating prosperity and aiding the Inner West's overall growth.
This could provide a number of real estate opportunities in Sydney's Inner West real estate landscape. With the growing market developing in the area, these hotspots are great for investors and owner occupiers alike.
