A 2.5 hectare low density housing site in Sydney’s west has sold for $26.035m.
The irregular shaped parcel at 54 Hambledon Road, The Ponds, is master planned to make way for 51 lots.
One block, zoned Mixed Use (marked orange in image, top), can accommodate a commercial development.
The land forms part of the Sultonesi Estate, about 40 kilometres from the city.
Cushman & Wakefield’s Yosh Mendis with Next Commercial’s Anthony Bray represented the vendors, the Sultana and Gelonesi families.
“The auction result is expected to be one of the most valuable development sites sold under the hammer in 2021,” the brokers added (story continues below).
Eighteen bidders, including some which flew from interstate, contested.
“The sale price…represents a land rate of $1038 per square metre and represents exceptional demand for new housing developments, particularly in Sydney’s western suburbs.” Mr Mendis said.
Mr Bray added the value is a reflection of “just how much growth this area is experiencing”.
More to come.