Sydney, 18 January 2015 – Western Sydney construction company the Bathla Group has on-sold a major Kellyville site for $43.7 million in one of the suburbs largest ever property deals.
A Chinese mining company has secured the 17 Balmoral Road site in a deal negotiated by CBRE’s Alex Mirzaian.
“Bathla Group utilised their experienced in-house team to secure a development approval for 290 units after which CBRE presented the opportunity to a Chinese mining company seeking to break into the Sydney development market,” Mr Mirzaian said.
“This is by far one of the largest sales in Kellyville’s history and represents one of the highest prices paid per unit for a DA approved site in the area.”
Mr Mirzaian said the sale of followed two months of negotiations, with Bathla Group making the decision to take an immediate profit rather than proceed with the 12-24 month project.
The high profile, 2.2ha Hills Shire Council site has an R4 High Density Residential Zoning and is 1km to Kellyville Station and 650m to Bella Vista Station.
It is within an area that has been targeted under the draft Bella Vista Station Precinct Proposal – the vision of which is to create “The Hills premier living and business precinct”.
The proposal incorporates new public spaces including a town square opposite the station and neighbourhood parks. It is part of the Sydney Metro Northwest Priority Urban Renewal Corridor, which looks at how areas along the $8.3 billion Sydney Metro Northwest line can be revitalised. For Australian/international news or global stories, follow us on Twitter. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com. About CBRE Group, Inc.
