An owner occupier paid $5.37 million at auction for a Badgerys Creek site set to be rezoned for major commercial development.
The 2.26 hectare rectangle shaped tract, 100 Martin Road, was contested by developers, investors, and other business owners too, Colliers International marketing agents Thomas Mosca, Nick Estephen and James Cowan, said.
It traded for 15 per cent over reserve, they added.
“The property was sold on an unconditional 42 day settlement and reflected a land rate of $960,000 per acre [$2.4m per ha],” Mr Mosca added.
Cor Cordis’ Alan Walker & Andrew Lakomy were receivers and managers.
Fifty three cash ready parties: agents
Mr Estephen said “the robust” buyer appetite came from a well organised and strategically planned process which focused on exposing the property to as many buyers as possible.
“We are able to attract interest from 125 prospective investors, developers and owner occupiers which resulted in eight registered bidders and 53 bids from cash ready parties,” he added (story continues below).
The campaign was launched close to the finalisation of the Western Sydney Aerotropolis Plan, which will affects local planning, specifically by allowing a variety of employment-encouraging development.
“It is incredibly exciting times for landowners with the final report and maps expected to provide a detailed understanding on future land use,” according to Mr Estephen.
“The flexibility around zoning will leave precedence for some incredible developments in the near future”.
Mr Mosca said he anticipates interest from developers and investors to increase in the short and medium term “with more clarity and certainty around land use and future infrastructure once the precinct plans are released and analysed”.
The 100 Martin Rd parcel will soon be rezoned from rural to enterprise development.
It is close to the Western Sydney Airport, construction of which recently began.