Sydney, 19 August 2013- A development site, located within the State Government’s planned Urban Activation Precinct in Mascot, has been sold by CBRE.
7-9 Kent Road sits directly opposite the site slated for the future Mascot town centre and is moments from Mascot train station. The 1.42 ha residential development site has the potential to yield over 450 apartments, open space and retail, and is one of several mixed use residential sites brought to the market by CBRE this year.
Matthew Ramsay and Joshua Charles from CBRE acted on behalf of the vendor, PK Investments Pty Ltd, and the purchaser, Bridge Hill Group, who also late last year secured the $49m site at 80 Alfred St Milson Point from Australand and recently completed two luxary waterfront projects (Azure and Monaco) at Rhodes.
Mr Ramsay said CBRE received over 100 enquires and around eight offers from their six week Expressions of Interest campaign, which closed on 11 July, followed by a second round with the shortlisted groups.
“Given the price point and size of this project there was significant interest, demonstrating the strength of the residential market in areas such as Mascot, which are close to transport, future retail and still affordable,” said Mr Charles.
These locations are key areas that can deliver housing within close proximity to transport, services and jobs.
“The State Government is opening up the opportunity for more development to drive employment and increase housing across Sydney close to existing infrastructure. These changes provide once in a generation change to planning and will unlock opportunities across Sydney for Mixed Use Sites,” said Mr Ramsay.
For Australian/international news or global stories, follow us on Twitter.
