CBRE, on behalf of Andre Lakomy as Statutory Trustee are delighted to announce the sale of 310 Fourth Avenue, Austral.
Sitting on a substantial 7,092sqm*, the R2 Low Density Residential zoning development site has the Potential to yield 14 Torrens Title lots (STCA). The property is also situated close-by to Western Sydney Airport, which is due to open in 2026.
Officially, sold on August 28th, 2021 for $4,800,000, the property represents a land rate of $676.82 /sqm, and fantastically ended up selling for 60% above the reserve price.
Commenting on the delightful results achieved, CBRE Western Sydney Expert Agent Andrew Sukkar said "Our team were overwhelmed with the amount of enquiry the property had generated. We received over 200 enquires, issued over 50 contracts which resulted in 22 purchasers competing for the Site. Residential land with development potential has proven to be the apatite in South West Sydney”.
“Over the course of 2021 we have seen increased interest from developers and investors in the subdivision sector. With the land shortage evident across the North West growth centres buyer are shifting construction and development teams into the South West. The presale market and off the plan sales for new homes has skyrocketed, underpinned by finance confidence and strong private capital we do not see this market slowing down in the short the medium term"”
