NSW Government Spend $322m on Bradfield City Land Deal

The NSW Government’s Western Parklands Authority has paid out $322m to acquire 114.9ha of land in Bringelly to make way for the new Bradfield City.

The acquisition forms part of the NSW Government commitment to spend $1.15 billion to kick start work on the precinct which is intended to create a world class city that will support up to 17,600 jobs.

The acquisition of the property at 215 Badgerys Creek Road, represents a rate of $280/sqm which high for such a large parcel. Small parcels of land on Badgerys Creek Rd have recently sold for between $340/sqm to $420/sqm. The nearest large parcel of land recently sold was the 344ha Medich land at 1953 Elizabeth Drive Badgerys Creek which sold for $499m ($145/sqm) however the developable area of that land is likely to shrink to 117ha, which increased the rate per square metre to around $430/sqm.

Central to the precinct will be a new Aerotropolis metro station which is at the southern end of the Western Sydney Airport line which is currently under construction linking St Marys, The Western Airport and the Aerotropolis. A reservation corridor has now been made to extend the line to Leppington and further south to Oran Park.

Speaking at the original funding commitment, Premier Gladys Berejiklian said “This is another exciting step forward in realising the Government’s vision for this city-building project,”

This commitment from the NSW Government includes $975.5 million in enabling works to establish, remediate and allow site access to about 100 hectares of land, driving the COVID-19 economic recovery not only in NSW, but across the nation.

The funding will also help to create a key Indo-Pacific economic hub, unleashing international investment in advanced manufacturing, aerospace and defence, agri-business, pharma, freight and logistics, health and education.

NSW Treasurer Dominic Perrottet said the Western Parklands Authority investment would lay the foundations for Bradfield to be transformed into a world-class precinct that will drive jobs now and into the future.

“Bradfield City will be the next jewel in Sydney’s crown and we’re putting in the groundwork to deliver an iconic city that will unlock new economic opportunities, particularly for the people of Western Sydney,” Mr Perrottet said.

Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres said there is also funding to establish the First Building in the Bradfield City Centre and for a four-year pilot of the New Education and Training Model (NETM).

“The government has committed $138.2 million for the First Building which includes a $24.9 million high-tech facility which will house $22.9 million worth of shared-use equipment for research institutions and industry to collaborate,” Mr Ayres said.

“The NETM is a new model of tertiary education aimed at helping advanced industries access skilled labour. We are dedicating $37.4 million to the program over five years to provide more than 7,000 courses for almost 3,000 students.”

The funding commitment will deliver the first stage of Australia’s first 22nd century city, attracting global competitive advanced industries and driving the creation of 200,000 new jobs across the Western Parkland City.

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About Warwick P

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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