This article is from the Australian Property Journal archive
MORE than 40,000 sqm of commercial land primed for development in Sydney’s south-west has hit the market.
CBRE’s Peter Vines and Nick Willis are marketing the 4.1-hectare The Precinct @ Gregory Hills site, located within the 30-hectare Gregory Hills Corporate Park, around 53 km from the Sydney CBD.
The site has approval for a mixed-use project comprising large format retail premises, food and drink premises and recreation facilities.
Strong population growth, good connectivity to key motorways and the future Badgerys Creek Airport have attracted big-name players to Sydney’s outer south-western industrial precinct. Late last year, US giant Blackstone paid around $50 million for a portfolio of four properties in the neighbouring suburb of Smeaton Grange, which followed Charter Hall’s flagship industrial funds acquiring the 16.71-hectare Coles distribution facility for $90.5 million from Singapore-listed Frasers Logistics & Industrial Trust.
The Gregory Hills Corporate Park has three main precincts, including the approved large format Soma Lifestyle retail and entertainment centre; the completed Soma Wellness mixed-use medical precinct; and Camden Medical Campus, an approved large-scale private hospital with a second smaller private paediatric hospital and day surgery.
“It is extremely rare for a landholding of this nature – scale, location and development approval – to come the market, which will fuel strong buyer interest from owner occupiers, industrial and retail developers.
“While the site has an existing DA in place for a large format retail centre, the flexible B5 zoning, coupled with the strength of the industrial market, will also attract interest from developers and investors that will value in other uses.”
Location IQ data forecasts 20,000 dwellings would be built within a three-kilometre radius of the Gregory Hills Corporate Park over the next five years.
Australian Property Journal
