This article is from the Australian Property Journal archive
ISAAC Property Developments has secured a 1.49-hectare development site Sydney’s western suburb of Cranebrook, with the $12.25 million sale price setting a new record.
The site, located at 1 Renshaw Street, has been earmarked for development into a convenience retail project, including food and fuel offerings.
With the sale price representing a land rate of $822/sqm, the transaction has set a new record rate for 1ha-plus properties in the Penrith area.
John Micallef, Raymond Ahsan, Lord Darkoh and Alex Mirzaian from CBRE managed the sale of via an expressions of interest campaign on behalf of a private vendor.
“As a generous landholding with significant development potential in a growing area, this site was the subject of a hotly-contested EOI process,” said Micallef.
Sitting by the boundary between Cranebrook and Penrith, within the Nepean region, the development site will be the beneficiary of updated infrastructure such as the Nepean Hospital and the upcoming north-south rail line that will connect to the Western Sydney Airport.
“Interest from commercial and industrial developers alike drove the price to a record land rate for properties of this size in Penrith,” he added.
Additionally the mixed-use retail project will include a childcare centre, swim school and car wash.
Both convenience retail has reigned supreme since the onset of the pandemic, proving to be resilient asset types in a turbulent economic environment, exemplified in APN Convenience Retail REIT’s recent 34% profit increase, underpinned by service station acquisitions.
“Convenience retail is a fast-growing sector, and Isaac Property will add this site to its portfolio of quality and high-performing developments,” concluded Micallef.
