Roberts Jones ends 128pc in the black from Medich block sell-down
ISPT and UniSuper, in a 50:50 partnership, have bought the largest Enterprise zoned site in the Western Sydney Aerotropolis region – once co-owned by developer Ron Medich, who was in 2018 sentenced to 30 years jail for the murder of developer rival Michael McGurk and subsequent intimidation of his wife, Kimberley.
The 255 hectare parcel, setting the pair back $850 million, is expected to make way for over 800,000 square metres of commercial product potentially worth more than $8 billion – an industrial estate branded Burra Park.
About half is earmarked for a first stage to be developed over seven years.
The numbers could increase if multi-level warehousing is considered.
Richmond Bridge founding partner and chief executive officer Pete Wylie, who negotiated the deal, described the property, abutting an entrance to the Western Sydney Airport, which is due to open in 2026, as “the best industrial development site in Australia”.
It will now manage UniSuper’s stake.
ISPT will manage its share; the Melbourne group is also believed to be fielding Burra Park enquiries.
Roberts Jones Funds Management was the vendor.
Badgerys Creek is 41 kilometres west of Sydney’s CBD (story continues below).
RJFM ends 128pc in the black
RJFM, directed by Australian citizens Jonathan Pan and Bob Gong, backed by Chinese capital, paid Mr Redich and his brother, Roy, $499.95m for the 355ha Badgerys Creek site in March, 2021.
The following year it sold a 24ha parcel for $140m to DHL which is proposing four uber-green high-tech distribution centres.
Twelve months ago, it divested a 17ha component to data centre operator CDC, for $150m (impression of a proposed building set for that site, top).
Following the ISPT and UniSuper deal, RJFM will have banked $1.14b – a 128pc surplus – from the sell-down.
In a show of how fast values have moved in the area, the Medich family paid $3.5m for the ex-CSIRO site in 1996. Moreover, a consensus amongst many agents and planners if office and warehouse supply doesn’t exceed demand is that strong land value growth will continue until well after the airport opens.
RJFM was behind another profitable disposal in the area, three years ago, selling Mirvac an 80ha Cobbitty block for a speculated $300m-plus – a rise on the $232m it paid three years earlier – with plans for a c900-lot residential subdivision.
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