This article is from the Australian Property Journal archive
IN one of the biggest development site auctions for 2021, Sultonesi Estate in western Sydney has sold under the hammer for $26 million.
A Sydney based developer acquired the 25,000 sqm site, offered with a proposed master plan for 51 residential housing lots and one mixed-use lot in The Ponds. It will likely join a number of other major development projects planned or already underway in the surrounding areas.
Cushman & Wakefield’s Yosh Mendis and Next Commercial’s Anthony Bray managed the sale of 54 Hambledon Road with Jesse Davidson from Auctionworks running the auction.
The vendors were the Sultana and Gelonesi Families, who had held Sultonesi Estate for over 35 years.
The site sold above reserve and attracted 160 bids from potential developers and high net worth investors located across Australia, with interstate bidders flying to Sydney for the event.
Mendis said the “overwhelming” interest in the property was due to its location in the north-west growth corridor and rarity as a Sydney metropolitan infill development site.
“The site was hotly contested at auction, with more than 18 bidders pushing it beyond reserve. We had inquiries from more than 200 parties leading up to the auction and this demand was reflected in the sale price.”
Bray said major developers have been circling this region over the past couple of years to take advantage of population growth and residential housing demand.
Auctionworks’ chief auctioneer, Jesse Davidson said the auction was “the most competitive and high-end auction our business has ever conducted”.
“I can say with confidence that the sale also represented the biggest development opportunity we have ever sold under the hammer.”
