- Vacant infill site in Sydney's west has sold for $13.5M to Hannas
- The real estate development group intends to transform the site into a mixed-use business or industrial estate
- Strategic location and popularity of industrial sites both key aspects in property's competitive campaign
A vacant infill site in Sydney’s western suburbs has sold for $13.5 million to real estate developer Hannas.
The Northmead site, close to Westmead Hospital, was listed in May with price expectations above $13 million.
The 6,490 sqm property is located at 150-152 Briens Road and is industrial zoned with approval for a carpark.
Situated within the Northmead Employment sub-precinct, the property possesses excellent development potential, which Hannas is likely to tap into.
Hannas has already expressed interest in developing the site into a mixed-use business or industrial estate, though these plans have not yet been confirmed.
The site was sold via an Expressions of Interest campaign on behalf of the previous owner, property group Anchor Estate.
The sales campaign was managed by Wally Scales and James Reeves of Knight Frank, in conjunction with Jeff Moxham of Moxham Commercial and Marcel Elias of Bawdens.
Hot competition for rare development site
Knight Frank representatives described the campaign as “competitive”, with owner-occupiers, investors and developers vying for the rare holding.
“This is the last remaining parcel of undeveloped land within the industrial precinct in Northmead, so it attracted buyers looking for hard-to-come by development opportunities in the area,” said Knight Frank’s James Reeves.
“Industrial property is still performing well, so there are many buyers looking for sites of this type and it was no surprise the property was sought after.”
James Reeves, Knight Frank
Jeff Moxham, of Moxham Commercial, said well-located development sites are popular within the current market.
“Westmead is undergoing significant change, so the location of this site was ideal for buyers to capitalise on future growth,” he added.
Prime location a major drawcard
The site is positioned within the Westmead Health and Education Precinct, which provides potential for long-term planning and development as part of the Draft Westmead 2036 Place Strategy.
Bawden’s Marcel Elias added that the site’s strategic location was undoubtedly a point of attraction for buyers.
The Westmead Health and Innovation Core Sub-Precinct is located just 100m South, which is set to become Australia’s largest precinct of hospital and health services.
“This site will benefit from its proximity to this precinct, with multiple potential future development outcomes,” Mr Elias concluded.