Western Sydney’s emergence as one of the state’s leading business hubs is helping position the Blue Mountains as an increasingly attractive destination to live.
CBRE’s Thomas Mosca said the rise of major business centres such as Penrith, Liverpool and Parramatta was making the Blue Mountains a more viable location to live and commute from.
“With a big push toward public transport, people are no longer seeing the Blue Mountains as being ‘too far’ anymore. And with several major business precincts located in Sydney’s greater west, the prospect of a ‘tree change’ is now more attractive than ever,” Mr Mosca said.
Highlighting the area’s growing profile is the recent sale of a residential development site in Leura, which was recently purchased by developer Velkin Holdings for $2.050 million.
Located at 8 Great Western Highway, the circa 2,277sqm site has development and council approval for a 19-unit apartment project.
Mr Mosca, who negotiated the sale on behalf of Rocks Developments, said the property’s development potential in a growing residential catchment area underpinned the sale.
“The Sydney-based purchaser was extremely interested in the opportunity to acquire a development site in the Blue Mountains given some recent presale success that has occurred in other local projects,” Mr Mosca said.
“With this being the last site to be approved for apartments in the Leura CBD vicinity due to a zoning change, this represented a unique development opportunity that is unlikely to be repeated.”
The property benefits from a central location in the Leura village, positioned within walking distance to the Leura Train Station, mall and local school.
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About CBRE Group, Inc.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.