A landmark foreshore landholding in Rhodes, occupied by IKEA’s warehouse facility and anticipated to attract early interest of $90 million, has been launched to market in what is expected to be one of Sydney’s most closely watched development campaigns of 2026. The expansive 10,135 sqm site at 1-3 Leeds Street, Rhodes, offers rare scale, significant planning uplift and the potential to deliver a major mixed‑use project within one of the Inner West’s most tightly held waterfront precincts.
A landmark foreshore landholding in Rhodes, occupied by IKEA’s warehouse facility and anticipated to attract early interest of $90 million, has been launched to market in what is expected to be one of Sydney’s most closely watched development campaigns of 2026. The expansive 10,135 sqm site at 1-3 Leeds Street, Rhodes, offers rare scale, significant planning uplift and the potential to deliver a major mixed‑use project within one of the Inner West’s most tightly held waterfront precincts.
Currently home to IKEA’s long‑standing distribution and customer pickup facility, the property offers outstanding natural light, direct water views and the ability to deliver premium apartments with district and CBD outlooks from the upper levels. Its position approximately 1km from Rhodes Railway Station and close to major retail centres ensures long‑term buyer and tenant appeal.
Featuring a 123‑metre north‑facing frontage to the Parramatta River, the site benefits from MU1 Mixed‑Use zoning and favourable planning controls, including a 2.6:1 base FSR plus the option to access a 5% design excellence bonus. This equates to roughly 27,668 sqm of development potential (STCA), with capacity to reach around 35,969 sqm should a purchaser utilise the NSW Government’s In‑fill Affordable Housing bonus.
Stuart Cox, Director, Residential Site Sales, at Savills Australia and New Zealand, said, “Opportunities of this scale, with uninterrupted water frontage and embedded planning uplift, are exceptionally uncommon in metropolitan Sydney. The offering represents one of the most compelling development prospects to come to market in recent years. The north‑facing river aspect alone positions the site to become a future landmark project in Rhodes, and we expect strong engagement from both local and offshore groups.”
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