This article is from the Australian Property Journal archive
A LOCAL developer has forked out $32 million for 1.89-hectare industrial and commercial development site in Sydney’s south west with approval for an aged care facility.
The sale of 10 Nelson Short Street in Potts Hill, directly adjoining the Chullora industrial precinct and with frontages to Graf Avenue, Brunker Road and Nelson Short Street, set a record rate for Potts Hill of nearly $1,700 per sqm on site area.
Demi Carigliano, Anthony Pirrottina and Darren Benson of Knight Frank managed the sale on behalf of Potts Hill Group Pty Ltd.
The expressions of interest campaign for the property generated eight first-round expressions of interest from buyers.
Carigliano said there was high demand from potential buyers for the property, with the development site market in Sydney continuing to exhibit strength amid a lack of new industrial supply.
“The campaign generated interest from a range of commercial and industrial developers, in addition to owner-occupiers seeking to secure a rare infill development site of scale in thriving metropolitan Sydney,” he said.
Pirrottina said the property’s flexible planning controls provided upside for a buyer. It has DA approval for the construction of an aged care and independent living estate comprising 157 independent living units in addition to a 67-bed care facility, medical centre and café-restaurant.
The current B7 business park zoning permits a range of uses including light industrial, office premises, warehousing, distribution centres and childcare centres.
The site also neighbours Bankstown Town Centre and Birrong Train Station.
