Alan Walker and Andre Lakomy of Cor Cordis, in their power as receivers and managers, have appointed Ray White Commercial NSW – Western Sydney’s Managing Director Peter Vines, as well as Victor Sheu and Joseph Assaf, to sell an 11,550sq m* parcel of land at 44-46 Maple Road in Casula.
The property is zoned R2 and has a DA approval for 29 subdivision lots and the sale comes due to a slowdown in the residential housing market across Sydney.
Prices reached their peak in late 2016 and 2017 according to Ray White Head of Research Vanessa Rader, before prices moderated as stock entered the market and financing became more difficult for buyers, notably the investor market.
According to RP Data, the property was purchased in April 2015 for $5.3M, by Fortune Construction and Design Pty Ltd.
Mr Vines expected there would be strong interest given the size of the property, the infill nature, and the fact that the property would be sold with a DA approval.