This article is from the Australian Property Journal archive
A PARTNERSHIP involving property group Revelop and private investor Mintus Pty Ltd has realised more than $36 million from the sale of a three hectare residential development site in Sydney’s west.
The site has development approval for 300 units across eight buildings, ranging from three to five storeys, and has been acquired by a local western Sydney builder and developer.
Alex Mirzaian of CBRE negotiated the sale, and said the purchaser’s confidence in the market and the location of Pemulwuy aligned with their long term growth plans, existing purchaser enquiry, demographics and price points for first home buyers.
The site is can accommodate affordable apartment stock priced between $600,000 and $700,000.
Revelop’s Charbel Hazzouri said the current sale was a “strategic decision to enliven the area with its only new multi-unit housing development in the past decade, delivered by a strong and reputable local developer to further activate an already established residential estate.”
Mirzaian said sites with development approvals in under supplied areas would continue to transact, fuelled by the expectation of further construction industry stimulus from the NSW Government.
“Some local western Sydney buyers are looking to keep building with the view that the market will recover in the next 12 months as housing supply dries up.
“The Australian property sector has fared relatively well during global economic shocks and we’re continuing to see strong development transactions occur in pockets of western Sydney that have a lack of supply.”
Revelop was recently on the buy side, adding the dual supermarket anchored Newton Village to its Adelaide retail property portfolio in a circa $30 million deal. The neighbourhood shopping centre recently underwent a $25 million redevelopment and expansion.
