Sydney, Australia – A LANDMARK infill industrial/commercial development site in Sydney’s southwest has sold for $32 million following a competitive marketing campaign which generated eight first-round Expressions of Interest from buyers. It resulted in an unconditional sale with 42-day settlement at a record sale rate in Potts Hill of nearly $1700 per square metre (site area).
The 18,900sq m site at 10 Nelson Short Street in Potts Hill, directly adjoins the Chullora industrial precinct and has three street frontages - to Graf Avenue, Brunker Road and Nelson Short Street.
It was purchased by a local developer from Potts Hill Group Pty Ltd in a deal negotiated by Demi Carigliano, Anthony Pirrottina and Darren Benson of Knight Frank.
Mr Carigliano said there was high demand from potential buyers for the property, with the development site market in Sydney continuing to exhibit strength.
“The campaign generated interest from a range of commercial and industrial developers, in addition to owner-occupiers seeking to secure a rare infill development site of scale in thriving metropolitan Sydney,” he said. “10 Nelson Short Street boasts a high-profile and is in a landmark position at the gateway to the Chullora industrial precinct within Sydney’s renowned and highly sought-after inner southwest. With the current lack of new industrial supply, the demand for industrial development sites continues to go from strength to strength.”
Mr Pirrottina said another benefit of the property was its flexible planning controls providing upside for a buyer.
“The property has DA approval for the construction of a substantial aged care and independent living estate comprising 157 independent living units in addition to a 67-bed care facility, medical centre and café-restaurant. However the current B7 Business Park zoning permits a broad range of potential uses including light industrial, office premises, warehousing, distribution centres and childcare centres, subject to council approval.”
The Potts Hill development site neighbours Bankstown Town Centre and Birrong Train Station.
