Sydney Water is expected to raise more than $80 million through the sale of its two-hectare Central Workshops site in Waterloo, which has the potential for the development of more than 430 apartments.
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With frontages on Bourke, McEvoy and Young streets, the site represents the last piece of the jigsaw in the transformation of the Waterloo-Alexandria precinct.
The agent to the deal, Stonebridge Property Group director Lincoln Blackledge, said Sydney Water would retain a historic and operational pumping station and valve house on a small portion of the site as they provide drinking water to much of the eastern suburbs.
Mr Blackledge said a masterplan had been prepared by Architectus, which proposes that 439 residential apartments, a retail area and community and commercial spaces be developed on the site, subject to necessary approvals.
''The site represents an important historical link between the evolution of Sydney and the area's burgeoning Green Square neighbourhood,'' Mr Blackledge said.
The potential sale comes as the South Sydney area continues to be transformed from an industrial zone that serviced the airport and Port Botany into a well-populated residential region.
This has occurred because of the upgrade of transport and infrastructure away from the main rail, air and sea ports, out to the southern, western and northern areas of metropolitan Sydney where there is land to accommodate modern, large warehouses and distribution centres.
