A major development block at Badgerys Creek has changed hands for $14.5 million as buyers circle opportunities within the new Western Sydney Airport precinct.
Currently a poultry farm, the circa 3.96ha block is earmarked to be rezoned for flexible mixed use/employment purposes.
CBRE’s Elijah Shakir, Andrew Sukkar and Fabio Screpis negotiated the sale to the Barba and Putrino families – owner occupiers in the food industry who have earmarked the 205 Lawson Road site for a future development project.
It is the first block of land to have been sold since the NSW Government this month gazetted the rezoning of five priority precincts on to provide for employment, residential and environmental uses in the Western Sydney Aerotropolis.
“The sale campaign attracted significant interest due to the scale of the site and its proximity to the new airport, which will be a transformational project for western Sydney,” Mr Shakir said.
“We have a number of mandates from buyers seeking similar sites to capitalise on opportunities associated with the development of the airport and surrounding government infrastructure totalling over $5.25 billion.”
The sale price for 205 Lawson Drive equates to a record $366/per sqm for what is currently raw, unserviced land.
“The transaction sets a new benchmark for the Badgerys Creek Precinct, representing a 28% uplift on the previous record set two years ago when the Aerotropolis precinct maps were first issued,” CBRE’s Mr Sukkar said.
The previous record of 258/sqm was established via another CBRE sale at 10 Martin Road, Badgerys Creek.
Mr Shakir said both properties benefited from excellent accessibility to major transport routes, which would be enhanced by the proposed North-South West Rail, M12 Motorway and M9 Orbital.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.
