Sydney, 17 February 2015 – National not-for-profit organisation Break Thru People Solutions has realised $6.3 million from the sale of premises in Merrylands, spurred by ongoing demand for residential development opportunities in Sydney’s west.
CBRE’s Alex Mirzaian, Peter Vines and Frank Oliveri negotiated the sale of the 3 Arcadia Street property to Sunshine Hope Pty Ltd.
Supported by Homebush-based architecture firm Modderin, Sunshine Hope is planning a residential redevelopment of the site, subject to the relevant planning approvals.
The property was offered for sale by Expressions of Interest as part of Break Thru’s strategy to provide increased person-centred support to people with a disability.
CBRE Senior Manager, Capital Markets, Alex Mirzaian said this sale will assist Break Thru to offer a greater range of individual support options aligned to reforms such as the National Disability Insurance Scheme. Break Thru will provide uninterrupted continuity of service for people and their families and collaborate with them to seek a new, more modern ‘fit for purpose’ site.
The Merrylands property, part of which was once the old Holroyd Council Chambers, has a site area of 4,935sqm and a R4 High Density Residential zoning. It has two street frontages and is well serviced by public transport.
“The proposed transformation of Merrylands with new additional residential developments spurred strong interest in the sale campaign,” Mr Mirzaian said.
“The Holroyd council area, specifically Merrylands, has been a real hot spot for large developers, who have been attracted by the area’s strong underlying fundamentals, existing amenities and access to public transport.”
Other major site sales in Merrylands include 224-240 Pitt Street, which was sold last year to Sydney developer Dyldam for $51.5m. CBRE also negotiated the Pitt Street sale, with the 1.538ha site earmarked for a master-planned residential development.
The Arcadia Street site has a current concept plan for a 68-unit development, plus a heritage component of 451sqm.
Mr Mirzaian said the sale campaign had also generated interest from buyers looking site’s potential for education, religious, childcare, health and aged care facilities.
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