May 23rd, 2021
Three consecutive land parcels at Lots 1, 4 & 5 Starling Road, Officer, have been sold at the conclusion of an international expressions of interest campaign.
The three properties were marketed by rapidly growing agency, Stonebridge Property Group’s Julian White, Dylan Kilner and Chao Zhang, which sold on an unconditional basis for $25 million.
With a developable land area of 9.87ha, the sale represented a record land rate in this precinct of Officer at over $2,500,000 per hectare. The property benefits from access to the future Officer Town Centre and Officer Train Station, both about 1km from the site. The property has considerable head works and sewerage connection costs required prior to development.
The expressions of interest process generated more than 170 enquiries and 11 offers at the end of the campaign, before transacting to a Sydney based developer.
This sale continues the active trend in the house and land and medium density development market, with healthy end buyer demand fueling developer interest.
Stonebridge Partner Julian White said Homebuilders and First Home Owners concessions are definitely assisting demand from buyers, however, this is only part of the picture. “We are receiving healthy demand across all of our development site listings at present. Developers are most definitely in buying mode, keen to fulfill their pipelines to meet expected buyer demand, which have been exhausted faster than expected.”
Those properties that have direct access to high quality amenity, predominantly retail and public transport are receiving the greatest demand, according to Mr White. “Given the proposed future activity in Officer, with a Town Centre planned and existing rail infrastructure, we were able to leverage these amenity points effectively to give a lot of confidence in the future of the precinct.”
Greg Kilner from Premier Building Group, who owned the properties along with Andrew Facey of Parklea said “We saw an opportunity to capitalize on a strong vendors market and dispose of the property”.
Other recent sales in this precinct of Officer are summarized below:
| Property | Sale Price ($) | Date | Developable Area (sqm) | Developable rate ($/Sqm) |
110 Bayview Road, Officer | 7,200,000 | Aug-20 | 33,100 | 218 |
Lot 2 Rix Road, Officer | 26,600,000 | Jan-20 | 121,500 | 219 |
115 Bayview Road, Officer | 16,230,000 | Jan-21 | 73,100 | 222 |
Lots 1, 4 & 5 Starling Road, Officer | 25,000,000 | May-21 | 98,697 | 253 |
