This article is from the Australian Property Journal archive
AN owner-occupier has snapped up adjoining two-level office buildings in Bankstown for $26.45 million across two transactions, with one of the deals setting a new record floor rate for the western Sydney suburb.
The new benchmark was set at 2 Jacobs Street, for which $14.825 million was paid. Leased to Navitas, a global education provider, the property has a gross floor area of 7,491 sqm basement parking, and is opposite the Canterbury-Bankstown Civic Tower, the newly erected Western Sydney University Bankstown Campus and Bankstown Central Shopping Centre.
Next door, 4-8 Jacobs Street sold off-market for $11.625 million. The property has a land area of 1,847 sqm and a gross floor area of 5,541 sqm.
Both are close to Bankstown train station and Bankstown TAFE, which is set to be transformed into the new Bankstown-Lidcombe Hospital.
The consecutive sales were managed by CBRE’s Andre Taouil and Alex Mirzaian.
“The transactions at 2 and 4-8 Jacobs Street are a testament to the strategic planning fostered by the NSW Transport Oriented Development (TOD) program,” Tauoil said.
Bankstown has been identified as an accelerated precinct under the TOD program, which allow for higher density housing around train stations.
“As owners and buyers recognise the incredible potential for growth and redevelopment in Bankstown’s CBD, it’s clear that the area’s landscape is changing dramatically,” Tauoil said.
“With key projects like the Bankstown-Lidcombe Hospital, Bankstown Exchange and the completion of the WSU Campus coming to fruition, we’re witnessing the early stages of a remarkable revitalisation that will redefine Bankstown as a thriving urban hub.”
He said both properties benefit from the rezoning to the education and medical precinct within the Bankstown masterplan.
Mirzaian said the sales “underscore the robust demand for quality commercial properties in Bankstown”.
“The strategic location and development potential of these sites make them highly attractive to owner occupiers and investors.”
