A NSW Government development site has beaten its reserve, selling in front of a packed-out Sydney Auctionworks for $1.72M, at 20-22 Hume Highway in Warwick Farm.
The asset, that came with a 1,048sq m* site area, was Zoned R4 – High Density Residential and came with a floor space ratio of 2:1.
The site was marketed and sold by Ray White Commercial NSW Managing Director and Partner Jeff Moxham and Associate Director Samuel Hadgelias, in conjunction with Ray White Commercial NSW – Western Sydney Associate Director Joseph Assaf.
Mr Moxham said the sale was another sign that confidence was flowing back to the market following the Coalition’s re-election.
“There’s no doubt there’s been a change in mood over the last couple of weeks in the commercial space, with the election result, potential APRA rate cuts and upcoming tax cuts all playing a significant role,” he said.
“You can feel the positivity in the market again, and that was reflected in the fact that there wasn’t a single seat to be had in the Auctionworks in-rooms.
“The buyer was a local developer, and that’s a key trend we’re seeing re-emerge in Sydney especially with local builder/developers re-entering the market, highlighted by the fact we’ve recently sold six development sites with a total value of $126,000,000 .”
Mr Hadgelias said it was a high-octane campaign with around 50 enquires throughout the four weeks, with interest mainly coming from the local area.
“This site was a hot commodity with six bidders, all of them active, competing to get their hands on what is a terrific opportunity for development (STCA),” he said.
“The opening bid started at $850,000, and it wasn’t until a massive 46 bids later, that the hammer came down at $1.72M which was above the reserve.
“The buyer from Belmore plans on making use of the site’s zoning and will look to turn the site into a new residential development.”
Mr Assaf said the land parcel was owned by the Roads and Maritime Services department within the NSW Government and was a cleared level block.
“It’s not every day a NSW Government site comes available and this one is on the fringe of the Liverpool CBD, only 700m* from nearby Westfield, and close to schools and public transport,” he said.
“Warwick Farm itself has seen a strong and steady population growth in the past 10 years of approximately 22.9 per cent** and is just 32km* south-west of Sydney CBD.
“The site is in a high-growth area with infrastructure upgrade (STCA) and was just too good an opportunity for astute builder/developers to pass up on.”