This article is from the Australian Property Journal archive
LEGION Cabs has sold a prime mixed-use development site in Southern Sydney for $18 million to a private owner occupier.
The 3,692sqm property at 137A Princes Highway in Arncliffe was sold with B4 Mixed-Use zoning and a height limited of 31 metres, after being held by Legion Cabs for a number of years as a taxi showroom and headquarters.
Trent Gallagher and Edward McFarland from Colliers managed the sale of the property, which comprises a large retail showroom and a two-level office area.
“Despite being highly suited to a residential development, the property’s sale to an owner-occupier provides an insight into the lack of quality buildings within Southern Sydney,” said Gallagher.
The sale of the property, which occupies a prime corner position with three street frontages, reflects the ongoing demand for properties of this nature in Southern Sydney.
“The scarcity of industrial and commercial offerings in the heart of inner core South Sydney has compelled owner-occupiers to venture further to southern markets in search of alternative options that align with their specific business needs and operations,” added McFarland.
The site sits within close proximity of Wolli Creek and Arncliffe Station, is close to local retail, cafes and dining options and sits around 11km or 20 minutes from the Sydney CBD and about 3.4km from the airport.
“The sale is a great outcome for Legion Cabs and its membership and will allow Legion Cabs to continue its operation in a more suitable premises,” said Sam Karnib, chairman at Legion Cabs.
“Legion Cabs is a significant player in the taxi industry and has a long-standing history, having been established by ex-servicemen and women following World War 2. The sale of the building will allow Legion Members to realise the value of the business they have worked so hard to build over many years.”
