- Glenwood land holding sold for $17.5M
- Laundy Hotels acquires Lane Cove office for $33M
- Small industrial lot sees 121% uplift in price across two and a half years
Another $50 million in Sydney properties have flown off the market in recent days. Everything from small, Lower North Shore offices, to land holdings and industrial properties, has been bought and sold, with one property seeing a 121% value uplift after two and half years of ownership.
Glenwood land holding goes for $17.5M
A 2.25 hectare site at 1000 Old Windsor Road, close to the Bella Vista metro station in the Sydney northwest suburb of Glenwood, has been sold to a local vocational training establishment from The Anglican Schools Corporation for $17.5 million.
The site has SP2 Infrastructure Education Establishment and Place of Worship zoning. The property, which has been occupied by the Plumbing Industry Climate Action Centre, is currently improved by a congregation hall, a basketball court, demountable classrooms, a training centre and playing field. It will continue operations on the site for the foreseeable future.
Knight Frank‘s Mark Litwin said the campaign saw 70 enquiries from potential buyers.
“It is an expansive site in a high-value position in the northwest growth corridor, with plenty of access to existing amenity,” he said
“This significant land holding sits in a premium postal code in Sydney’s North West, just 200 metres from the Bella Vista Station and Town Centre, providing an easy connection to major employment, retail and lifestyle centres
“The rarity of the range of uses allowed us to penetrate very specific sectors in the marketplace, and drive interest through a highly targeted marketing and sales strategy.”
Laundy Hotels acquires Lane Cove office
A four-storey building located at 71 Longueville Road in Lane Cove has been sold for $33 million.
Brokered by Chris Hartigan of Hartigan Bolt and Tyler Talbot of Knight Frank, private equity investor Property Bank Australia sold the property to Laundy Hotels for its new head office.
The property includes 4,096 square metres of net lettable area and is situated on a 1,880 square metre corner site.
The yield on passing income is around 6 per cent and the property sold for a rate of $8,056 per square metre.
Nick Tindall of Laundy Hotel Group confirmed the group’s acquisition saying: “Laundy Hotel Group is very excited to take the reins of such a unique building on a gateway site to one of Sydney’s best suburbs.
“The location and amenity of our new head office will assist in our drive to attract the best and brightest candidates to our business operations.”
Tyler Talbot of Knight Frank said: “Despite the challenging market, the property was highly sought after and the result demonstrates the continued strong demand for quality boutique assets in the sub $50 million range.”
“This property is in a great location just 11 kilometres from the Sydney CBD and close to plenty of amenity, as well as having potential mixed-use development upside, making it an attractive investment.”
Property Bank Australia acquired 17 office buildings across the Melbourne and Sydney office markets post GFC and this leaves just one of those assets remaining.
The 71 Longueville Road property has been owned by the group for almost 10 years and has performed well over that time.
Recent sales for the group included 51 Berry Street, North Sydney which was sold to a Hong Kong Buyer in 2022 for $66.3 million and 53 Berry Street, North Sydney which sold to the Lederer Group the year prior for $54 million.
Industrial holding sees 121% uplift
Grove Group Investments have sold an industrial land holding in Sydney’s Outer West for $9,085,000, representing a 121% uplift within two and a half years of purchase.
The 8,219 square metres industrial lot, located at 15 Hickey Road Penrith, was originally purchased for $4,109,500 in August 2020 as part of an 11-lot subdivision.
CBRE’s John Micallef and PRD Commercial’s Rob Tappouras brokered the recent transaction via an off-market sale.
“The vendor had plans to develop the site, but several attractive offers were put forward resulting in a joint decision to sell the asset. This provides evidence of the lack of small industrial lots available in Western Sydney,” Mr Micallef said.
“The large lift in valuation over that past two and a half years is reflective of the severe shortage in industrial land in Western Sydney, and continuous demand from industrial businesses to grow their footprint in order to continue servicing the growing population.”
The land was sold to a local owner-occupier looking to expand their business.
Ground-breaking for Balfour Place
Demolition works are complete at Balfour Place – Lindfield’s latest luxury destination – with a groundbreaking ceremony held earlier this week to signify the beginning of construction for the iconic $180 million Lindfield project.
Brought to life by leading Australian developer, Third.i, in conjunction with joint venture partner Phoenix Property Investors, Balfour Place will comprise 59 apartments situated on top of an urban oasis of 4,500 sqm of retail and hospitality spaces, including a brand new Coles supermarket.
The project launched in April 2022, selling out within a matter of weeks, and construction is expected to complete by January 2025.
Australian builder Conquest has been appointed as the project builders, adding to their impressive project portfolio including the Crowne Plaza Sydney Burwood, The Greens Strathfield, La Luna Burwood and Soho Burwood.
