This article is from the Australian Property Journal archive
A MELBOURNE-based owner occupier will develop a large format showroom in Sydney’s south west after buying a Hume Hwy site for $7,550,000.
About 200 enquiries and 10 offers to purchase were made for the 6,545 sqm landholding at 239 Hume Hwy in Cabramatta. The site enjoys 110 metres of frontage and exposure exposed to more than 60,000 passing vehicles each day.
Two auto dealerships currently provide a short-term holding income of $306,909 each year plus GST. The site, located 30 kilometres south west of Sydney’s CBD, neighbours a number of national brands including McDonalds, BP, Shell, Caltex and Oporto.
Cushman & Wakefield’s Geoff Sinclair and Yosh Mendis brokered the deal.
Interest came from a variety of owner occupiers, developers, end users and investors, primarily looking to land-bank in tight Sydney metropolitan areas, Sinclair said, as well as from national syndicates and funds with pre-commitment development mandates from tenants.
Mendis said the deal represented one of the largest land sales along the Hume Hwy in Cabramatta, and exemplifies the increased depth in the market for key Sydney metropolitan land holdings.
