- The per sqaure metre price of $1,700 is a record for Potts Hill
- Eight buyers expressed interest during the first round, was settled unconditionally
- Site falls under flexible planning controls
Developers seeking out ever scarce sites across Sydney continue with a Potts Hill development site snapped up for $32 million.
This equates to nearly $1,700 per square metre on-site area – a record for Potts Hill.
The 18,900sqm site, owned by Potts Hill Group Pty Ltd, was purchased by an undisclosed local developer after a hotly contested expression of interest campaign. The first round saw eight buyers interested, resulting in an unconditional sale with a 42-day settlement.
Located at 10 Nelson Short Street, the site directly adjoins the Chullora industrial precinct with additional street frontages to Graf Avenue and Brunker Road. It neighbours the Bankstown Town Centre and Birrong Train Station.
The deal was negotiated by Knight Frank’s Demi Carigliano, Anthony Pirrottna and Darren Benson.
Mr Carigliano said the sale was reflective of the Sydney development site market’s strength.
“The campaign generated interest from a range of commercial and industrial developers, in addition to owner-occupiers seeking to secure a rare infill development site of scale in thriving metropolitan Sydney,” he said.
“10 Nelson Short Street boasts a high-profile and is in a landmark position at the gateway to the Chullora industrial precinct within Sydney’s renowned and highly sought-after inner southwest.
Demi Carigliano, Knight Frank
“With the current lack of new industrial supply, the demand for industrial development sites continues to go from strength to strength.”
Mr Pirottina added the property has flexible planning controls, an upside for its buyer.
“The property has DA approval for the construction of a substantial aged care and independent living estate comprising 157 independent living units in addition to a 67-bed care facility, medical centre and café-restaurant.
“However the current B7 Business Park zoning permits a broad range of potential uses including light industrial, office premises, warehousing, distribution centres and childcare centres, subject to council approval.”
Anthony Pirrottna, Knight Frank