NSW Government offloads vacant western Sydney land for $1.72m
The NSW Government has offloaded vacant western Sydney land in a major sale, which could soon see more units sprout on a main road.
Only 600m to Warwick Farm station and less than 800m from Westfield Liverpool, the prime property at 20-22 Hume Highwayrecently sold at auction for $1.72 million, beating the reserve price.
Previously held by Roads and Maritime Services (RMS), the 1048 sqm site with a 36m frontage piqued the interest of about 50 groups during the four-week marketing campaign.
This led to hot auction action, according to the Ray White Commercial NSW team.
MORE: BLANK CANVAS SITE TO FETCH MILLIONS
SHOPPING CENTRE HITS MARKET WITH $70M PRICE TAG
“This site was a hot commodity with six bidders, all of them active, competing to get their hands on what is a terrific opportunity for development, subject to council approval,” associate director Samuel Hadgelias said.
He said bidding opened at $850,000 and the hammer fell after a whopping 46 bids.
“The buyer from Belmore plans on making use of the site’s zoning and will look to turn the site into a new residential development,” Mr Hadgelias said.
The property is nestled between two high density sites, each one housing apartment blocks. Two, three-bedroom dwelling once stood on the site.
In recent years, the RMS consulted the community regarding plans to add turning lanes to Hume Highway and widen parts of the adjoining thoroughfare, Bigge St, as part of a multimillion-dollar bid to reduce traffic congestion.
CoreLogic records reveal the RMS acquired a number of sites across both streets.
Close to a number of schools as well as Sydney Southwest Private Hospital, the undeveloped Hume Highway site attracted strong local interest when it hit the market last month.
SIGN UP FOR THE NSW REAL ESTATE NEWSLETTER
Ray White Commercial NSW’s managing director Jeff Moxham said: “There’s no doubt there’s been a change in mood over the last couple of weeks in the commercial space, with the election result, potential APRA rate cuts and upcoming tax cuts all playing a significant role.”
The median unit price in Warwick Farm has risen 9.3 per cent in the past three years to $462,500 — well below the Sydney median of $716,000.