Revest Property Group Transacts Off Market Deal for $11,500,000

ReVest Property Group is pleased to announce the sale of an infill 2.06 Hectare DA approved residential subdivision site at 124 Gurner Avenue, Austral, for $11,500,000 to a local based offshore high net worth developer.

The subject property is zoned R2 low density residential and is DA approved for 33 lots + residue (OSD) with an average lot size of 350sqm*.  This transaction marks as the highest rate per lot paid in Austral year to date equating to $1,032 per sqm on net saleable area.

The Purchaser saw an opportunity to enter the market prior to interest rates decline and increased demand for house & land in Southwest Sydney.

Located in proximity to the Western Sydney International (Nancy-Bird Walton) Airport, proposed Woolworths (200m*) and Fifteenth Avenue Smart Transit, the site is strategically positioned for capital growth.

This acquisition directly adjoins Andrew Sukkar’s previous transactions at 490, 494 & 510 Fourth Avenue, 95 Gurner Avenue and 495 Fourth Avenue, Austral totalling $81,000,000 in sales.

“The sale at 124 Gurner Avenue displays confidence to the market that buyers are realising true capital growth in the precinct due to major infrastructure contribution from Federal, State and local government” said Andrew Sukkar, Partner at ReVest Property Group.