Convenience retail developer Isaac Property has swooped on a site in Sydney’s outer west Cranebrook.
The 1.49 hectare parcel, 1 Renshaw Street, is earmarked for a service station, car wash, childcare centre and swim school.
The $12.25 million purchase price sets a record for a commercial block of over 10,000 square metres in the Penrith area, according to CBRE marketing agents John Micallef, Raymond Ahsan, Lord Darkoh and Alex Mirzaian.
“Renshaw St is just off the busy Andrews Road, which forms the boundary between Cranebrook and Penrith…moments from Stockland’s new 600-home Waterside estate,” they said.
The site is also near a proposed train line connecting it to the Western Sydney Airport at Badgerys Creek.
A KFC has just been completed across the road (story continues below).
“As a generous landholding with significant development potential in a growing area, this site was the subject of a hotly-contested expressions of interest process,” Mr Micallef added.
The vendor was a private investor.
Isaac retains a portfolio of convenience retail assets.
In January the developer banked c$10m from a service station and church-converted-restaurant at Lithgow, about 90 kilometres north west of Cranebrook.
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