A partnership involving property group Revelop has realised more than $36 million from the sale of a residential development site in Sydney’s west, paving the way for a major apartment project.
The 30,000sqm Pemulwuy site has development approval for 300 units across eight buildings, ranging from three to five storeys.
Alex Mirzaian, Head of Investment and Development Sales for CBRE Western Sydney, negotiated the sale of the Butu Wargon Drive property on behalf of Revelop and Mintus Pty Ltd.
The site has been acquired by a local western Sydney builder/developer.
Mr Mirzaian noted that, even in these uncertain times, sites with development approvals in under supplied areas would continue to transact, fuelled by the expectation of further construction industry stimulus from the NSW Government.
“Some local western Sydney buyers are looking to keep building with the view that the market will recover in the next 12 months as housing supply dries up,” Mr Mirzaian said.
“The Australian property sector has fared relatively well during global economic shocks and we’re continuing to see strong development transactions occur in pockets of western Sydney that have a lack of supply. This is particularly the case for sites that can accommodate affordable apartment stock priced between $600,000 and $700,000.”
Revelop’s Charbel Hazzouri added; “Revelop, in Partnership with Mintus, has always had significant and unwavering confidence in the area with other land holdings in Pemulwuy still on track for release.
“The current sale was a strategic decision to enliven the area with its only new multi-unit housing development in the past decade, delivered by a strong and reputable local developer to further activate an already established residential estate.”
Mr Mirzaian noted that the purchaser’s confidence in the market and the location of Pemulwuy aligned with their long-term growth plans, existing purchaser enquiry, demographics and price points for first home buyers.
The 30,000sqm Pemulwuy site has development approval for 300 units across eight buildings, ranging from three to five storeys.
Alex Mirzaian, Head of Investment and Development Sales for CBRE Western Sydney, negotiated the sale of the Butu Wargon Drive property on behalf of Revelop and Mintus Pty Ltd.
The site has been acquired by a local western Sydney builder/developer.
Mr Mirzaian noted that, even in these uncertain times, sites with development approvals in under supplied areas would continue to transact, fuelled by the expectation of further construction industry stimulus from the NSW Government.
“Some local western Sydney buyers are looking to keep building with the view that the market will recover in the next 12 months as housing supply dries up,” Mr Mirzaian said.
“The Australian property sector has fared relatively well during global economic shocks and we’re continuing to see strong development transactions occur in pockets of western Sydney that have a lack of supply. This is particularly the case for sites that can accommodate affordable apartment stock priced between $600,000 and $700,000.”
Revelop’s Charbel Hazzouri added; “Revelop, in Partnership with Mintus, has always had significant and unwavering confidence in the area with other land holdings in Pemulwuy still on track for release.
“The current sale was a strategic decision to enliven the area with its only new multi-unit housing development in the past decade, delivered by a strong and reputable local developer to further activate an already established residential estate.”
Mr Mirzaian noted that the purchaser’s confidence in the market and the location of Pemulwuy aligned with their long-term growth plans, existing purchaser enquiry, demographics and price points for first home buyers.
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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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
