Sydney – September 6, 2021 – A 1.49ha development site in Cranebrook in Sydney’s west has been purchased by Isaac Property Developments for $12.25 million.
The block at 1 Renshaw Street will become the developer’s latest convenience retail project, with food and fuel offerings to be accompanied by a childcare centre, swim school and car wash.
The sale sets a new record land rate for 1ha-plus properties within the Penrith area, at $822/sqm, following significant competition from industrial and commercial developers.
Renshaw Street is just off the busy Andrews Road, which forms the boundary between Cranebrook and Penrith, and moments from Stockland’s new, 600-home Waterside Estate.
Penrith is the heart of western Sydney’s rapidly-growing Nepean region, with major infrastructure projects including the recently-upgraded Nepean Hospital and future North-South rail line to connect the Western Sydney Airport.
CBRE’s John Micallef, Raymond Ahsan, Lord Darkoh and Alex Mirzaian managed an Expressions of Interest campaign on behalf of the private vendor.
“As a generous landholding with significant development potential in a growing area, this site was the subject of a hotly-contested EOI process,” Mr Micallef said.
“Interest from commercial and industrial developers alike drove the price to a record land rate for properties of this size in Penrith.
“Convenience retail is a fast-growing sector, and Isaac Property will add this site to its portfolio of quality and high-performing developments.”