This article is from the Australian Property Journal archive
SUPERMARKET giant Woolworths has purchased a site in Kellyville, in Sydney’s north-west, for $12.5 million.
CBRE’s Alex Mirzaian and Frank Oliveri negotiated the sale of 2A Hector Court Kellyville and said the property attracted strong interest from a range of investors due to the site’s favourable B2 local centre zoning.
CBRE’s Alex Ugarte said Sydney’s north-west was currently experiencing an oversupply of housing and an undersupply of community benefit stock – including service stations, neighbourhood shops, grocers and food premises.
He said opportunities exist for national brand names to secure a foothold in growth areas throughout the north-west, as increased population density creates demand for commercial and retail assets.
“Owners in the in the north-west have benefitted from government spending on infrastructure over the past two to three years, with strong capital growth experienced in the area. While there remains confidence in the region, the growth in value has certainly subdued,” he added.
“With the election looming, and some major issues on the table in regards to negative gearing and the property investment market, there has been a significant shift in the residential market – which is contributing to interest in the commercial and retail sector,” Ugarte concluded.
Australian Property Journal
