- The 25,000 sqm site was sold at hotly contested auction
- Proposed master plan includes 51 residential housing lots
- Attracted 160 bids, including from interstate investors
An auction recently held in Western Sydney has seen a 25,000sqm site sell for just over $26 million – a result that is expected to be one of the most valuable development sites sold under the hammer in 2021.
The development site, known as Sultonesi Estate, has a proposed master plan that consists of 51 residential housing lots and 1 mixed-use lot in The Ponds , which is about 40 kilometres north-west of Sydney’s CBD. The sale price represents a land rate of $1,038 per square metre.
The Sultana and Glenosi families have held the Estate for over 35 years, which sold above the reserve and attracted 160 bids from potential developers and investors across Australia, with some interstate bidders flying to Sydney for the auction event itself
Cushman and Wakefield’s Yosh Mendis and Next Commercial’s Anthony Bray managed the sale with auctionWorks’ Jesse Davidson as chief auctioneer.
Mr Mendis said the auction was hotly contested with more than 200 enquiries and over 18 bidders pushing the price beyond the reserve.
“We received an overwhelming amount of interest in the Sultonesi Estate site from developers and high net worth investors, given its location in the North-West growth corridor and rarity as a Sydney metropolitan infill development site.”
Yosh Mendis, Cushman and Wakefield
Mr Bray added the high land rate represents the broader growth being witnessed in Western Sydney.
“We have seen major developers circle this region over the past couple of years to take advantage of population growth and residential housing demand. The land rate of 1,038 per sqm, is reflective of just how much growth this area is experiencing.”
Anthony Bray, Next Commercial
According to Mr Davidson, the auction broke records for auctionWorks stating it was the most competitive and high-end auction they have ever conducted.
“I can say with confidence that the sale also represented the biggest development opportunity we have ever sold under the hammer,” he said.