The Sydney Society of Model Engineers has sold a Luddenham property after five decades.
Also known as The Model Park, the 10.12 hectare development site, 869-885 Luddenham Road, is trading for just over $30 million.
Zoned Enterprise, it can make way for a variety of commercial product – bulky goods and high tech industrial included.
Knight Frank’s Mark Litwin and Grant Bulpett were the agents.
The 115-year old Sydney Society of Model Engineers, they added, is the world’s oldest continuing operated model engineering club.
It will now find a site to develop a replacement model park.
The deal comes four months since EG paid $7m for a 2.05ha parcel in the pocket.
Also in July a land banker outlaid $15.25m for a 6.1ha Badgerys Creek block.
The Model Park site
Mr Litwin said the campaign attracted institutions and high net worth groups in Australia and internationally; the buyer is a local private investor (story continues below).
“This property was sold during the COVID lockdown and despite ongoing rezoning issues in the area, demonstrating the quality of the asset,” he added.
“It is one of the last large format blocks in the Northern Gateway Precinct of Aerotropolis, which has emerged as the pre-eminent precinct for sophisticated developers and land investors alike, due to the large site areas and resultant limited acquisition opportunities,” according to the executive.
“It also had limited possible detrimental influence from proposed planning outcomes, making the reward more attractive than the risk for buyers.
“The site is totally unencumbered by riparian constraints, which make it one of a kind”.
The deal comes months since the state government announced it would tip in $1.15 billion to kickstart development of a new metropolitan activity centre, Bradfield.
“Each time government makes an announcement about planning or infrastructure, some buyers leave while new buyers enter the market,” Mr Bulpett said.
“Increasingly we’re seeing boutique and institutionally managed money participate, and that money hasn’t been active in these large parcels before,” he added.
“We struck a perfect balance with the marketplace on this site, getting that really premium financial outcome over the settlement period that a site like this deserves”.
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