ASX listed Tian An Australia Limited (ASX:TIA) has purchased a sizeable site in inner west Sydney to redevelop into a residential townhouse complex.
4 Mitchell Street, Enfield comprises 12,600sqm and currently houses an office building and warehouse. The site borders Henley Park and Aquatic Centre.
CBRE’s Peter Vines, Victor Sheu and Nick Tuxworth sold the property on behalf of non-profit organization, Vision Australia, for $35 million.
Mr Vines said the property received 26 expressions of interest from a variety of local, national and overseas property developers.
“We were expecting around $28 million for the property but the result at $35 million further underpins the need for quality residential development sites, especially in markets with little competing stock,” Mr Vines said.
“The eventual purchaser, Tian An Australia, was attracted to 4 Mitchell Road as it offers a unique townhouse opportunity within a metro location close to established infrastructure.”
Vision Australia will stay in the property until late 2017 and is currently establishing a strategy of where to relocate. Its decision to sell was based upon its need to be closer to clients, as well as capitalising on the strong market to free up much needed capital to support its work.
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.
