- The 26,876 sqm site features five industrial warehouses, with approval in palce for 12 itnerconnected blocks
- These includes apartments and public spaces
- CBRE and Colliers are managing the sales campaign
A landholding in Sydney’s west with development approval for a 595-apartment residential development has been offered for sale by EG Funds.
The 26,876 sqm site features five industrial warehouses, with the approved plans allowing for a new community hub across 12 interconnected blocks of three, six and eight-storey buildings at 1A and 1B Queen Street.
The masterplan has been developed by EG Funds and caters for a three-stage construction plan, each with its own central plaza and accessways. It will ultimately deliver over 1,400 sqm of publicly-accessible space including three parks.
The Queen Street is site is less than a 10 minute walk from Auburn Central and the train station.
James Cowan, Jon Chomley and Guillaume Volz of Colliers, along with Ben Wicks and Alex Mirzanian of CBRE, has been appointed to manage the sales campaign.
“This site is an outstanding opportunity for a developer to secure a dependable pipeline of apartment development, with the added opportunity to develop a portion of the site for Build-to-Rent use,” Mr Mirzaian said.
“This site will appeal to a broad range of buyers given its vast land area provides an efficient platform for construction, and with forecast rental growth and immigration rises we expect investor interest to re-emerge in the west.
“Build-to-Rent is a real prospect on this site with the staging plan and a mass of local amenity to complement the nearby railway station.”
Located 18 kilometres west of the Sydney CBD and 5 km east of Parramatta, Aubuirn is very accessibly to Greater Sydney with the M4 motorway nearby.
The site currently hosts industrial tenants on month-by-month leases, with the 16,113 sqm of warehousing generating around $1.05 million of annual gross income.
“There are cyclical and structural changes occurring in Sydney, which will support the next cycle of Build-to-Sell apartment projects as well as the emergence of the Build-to-Rent sector,” Mr Volz added.
“This includes the acceptance of family living in apartments, increased detached dwelling affordability constraints, rapidly rising rents and the return of immigration as travel continues to improve.
“We believe that record low commencements of new-build projects will be felt in the market and as new generation off-the-plan properties become available and buyers value the benefits they offer, developers will be able to achieve higher pricing from new developments.”
