Sydney

Badgerys Creek property smashes suburb sales record

Two prime hectares of land in Western Sydney’s Badgerys Creek has sold for 84% higher than the last suburb record.

24 Oct 2018

Two prime hectares of land in Western Sydney’s Badgerys Creek has sold for 84% higher than the last suburb record.

Following a CBRE public auction campaign, 10 Martin Road successfully transacted to a Sydney-based investor for $5.75 million on an unconditional, 42-day settlement. 

The site is located within the Western Sydney Airport precinct’s vicinity, on the corners of Martin Road and Elizabeth Drive – the latter of which is a major arterial road, pivotal for the future development of the area.

CBRE’s Thomas Mosca coordinated the sales campaign on behalf of a private vendor.

Mr Mosca said this sale’s success reflected mounting investor interest in the Western Sydney Airport precinct and surrounds.

Mr Mosca noted; “CBRE ran a competitive five-week public auction campaign, which sourced national and international interest and enabled our client to confidently sell their property at the best possible price.”

“The auction had a strong turnout of 40 people, including six registered bidders and 19 recorded bids,” Mr Mosca said.

“The bidding started at $4,500,000 and finally closed at $1,150,000 per acre, or $287 per square metre.” 

Mr Mosca added; “This allotment is earmarked for future ‘Flexible Employment’, offering a range of uses and possibilities, including development opportunities.”

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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.