Inghams taps developer demand with south west Sydney site sale
Ingham's taps developer demand with south west Sydney site sale
| 8 March 2017
Inghams Enterprises is moving to tap the ongoing demand for residential development opportunities in western Sydney with the sale and leaseback of its Leppington site.
CBRE has been exclusively appointed to market the sizeable 160-168 Heath Road property, with the 4.115ha landholding suitable for a future subdivision into up to 80 residential sites subject to the relevant planning approvals.
CBRE’s Frank Oliveri and Peter Vines will steer the Expressions of Interest campaign, which is expected to generate significant buyer interest.
“Residential subdivision sites are arguably the most sought after commodity in Western Sydney and very few are presently available for sale,” Mr Oliveri said.
“This opportunity will be particularly appealing, providing the chance to acquire a future residential development opportunity safeguarded by a short term leaseback, which will help offset planning and holding costs.”
Ingham’s will take a three-year leaseback over the site, with an additional one-year option, providing a 5% gross return.
CBRE’s Mr Vines said the site was strategically located between the cities of Liverpool and Campbelltown in a surging growth precinct.
It is governed by favourable R2 and R3 zoning controls, allowing for 55 residential blocks and 25 medium density dwellings subject to planning approvals.
“The sale provides an opportunity to capitalise on the buoyant conditions in the south-west Sydney housing market,” Mr Vines said.
“Leppington has been identified by the NSW Government as a South West Priority Growth Area and is integral to accommodating Sydney’s growing population. The site also benefits from its close proximity to the new Leppington train station and proposed Badgerys Creek airport.”
Expressions of Interest close Wednesday 12 April, 2017.
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