Sydney land sale falls short of expectation
A housing estate site south west of Sydney quietly traded after six months and a small discount.
BQ Property paid $19.74 million inclusive of GST for the 4.56 hectare ex-farm covering 1382-1384 and 1402 Camden Valley Way, Leppington, settling in May after five weeks.
Predominantly zoned R3 Medium Density, it is in a major growth corridor near the Western Sydney Airport, which is under construction and set to be surrounded by commercial product.
Expectations were for over $20m ex-tax when it hit the market last September – a relatively more buoyant time in the development site sector generally.
Leppington is about 50 kilometre’s from the CBD.
Housing estate planned
Vendor, Tribeca, offered part of the Leppington site permit-ready for c123 dwellings.
The first stage of a village it intended to build, Leppington Village, another portion, opposite Aspen Group’s Four Lanterns Estate, could accommodate over 50 more homes.
The balance can make way for a c4800 square metre neighbourhood centre.
The deal comes 10 months since we reported a syndicate of Greek clubs sold a 41.3ha site at Austral, eight kilometres from Leppington, for $117.5m following a campaign targeting residential developers (story continues below).
Colliers’ Nick Estephan, Thomas Mosca, Frank Oliveri and Joe Sacco represented Tribeca.
Henry Lawson Centre deal exceeds expectation
Meanwhile, in a much more positive deal, disability accommodation provider Afford has offloaded the Henry Lawson Centre, in Penrith, for $24m – a 4.6 per cent yield.
A local buyer snared the 1.6 hectare Henry Street investment containing 8841 sqm with retail, offices and tenancies for allied health businesses.
An upgrade/reposition is planned.
CBRE marketing agents James Douglas, Alex Mirzaian and Ben Wicks also targeted developers, promoting the asset’s potential to yield a major residential or residential-based mixed use project.
“Investors were attracted by the existing centre’s strong investment fundamentals, with the asset providing a secure underlying cashflow at below market rents,” Mr Douglas said.
Afford, like other not-for-profits and charities, will recycle proceeds into other initiatives.
Subscribe to our newsletter at the bottom of this page.
