Prized Liverpool development opportunity sold for 131 million
Prized Liverpool development opportunity sold for $13.1 million
| 9 December 2016
A development site approved for 162 apartments in the rapidly growing Western Sydney centre of Liverpool has sold for $13.1 million.
The 2,400sqm property at 387-397 Macquarie Street was sold with development approval to accommodate a 22-storey apartment tower, comprising 162 units and six commercial suites.
CBRE’s Thomas Mosca and Frank Oliveri negotiated the sale on behalf of a Melbourne-based developer via a strongly contested Expression of Interest campaign.
Mr Mosca said the property’s central position in one of Sydney’s fastest growing residential markets underpinned strong buyer interest in the asset.
“The strong level of interest shown in this asset, which included more than 100 enquiries and six offers, is testament to the opportunity and potential this property represents,” Mr Mosca said.
“With this property marking the only substantial development approved site in Liverpool CBD to be offered to the market this year, it provided an attractive opportunity to capitalise on the area’s growing residential population.”
Mr Mosca said Liverpool was emerging as one of Western Sydney’s fastest growing centres – a factor that was helping to underpin investor interest in the area.
He added: “Liverpool offers a large development pipeline, healthy employment prospects and excellent transport connectivity – all of which are supported by an already established – and growing – population.”
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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.