A landholding valued at ~$70m in Auburn in Sydney’s west with DA approval for a 595-apartment residential development is being offered for sale by EG Funds.
The 26,876sqm site at 1A and 1B Queen Street currently features five industrial warehouses, but has approved plans for a new community hub across 12 interconnected blocks of three-, six- and eight-storey buildings.
The masterplan developed by EG Funds offers the scope for construction across three stages, each with its own central plaza area and multiple accessways, and will ultimately deliver more than 1,400sqm of publicly-accessible space including three parks.
The Queen Street site is just south of the heart of Auburn, with Auburn Central and Auburn train station both within a 10-minute walk. Auburn is also home to numerous schools, childcares and healthcare facilities.
CBRE’s Alex Mirzaian and Ben Wicks, and Guillaume Volz, Jon Chomley and James Cowan from Colliers have been appointed to manage the sale campaign, with Expressions of Interest invited before September 28.
“This site is an outstanding opportunity for a developer to secure a dependable pipeline of apartment development, with the added opportunity to develop a portion of the site for Build-to-Rent use,” Mr Mirzaian said.
“This site will appeal to a broad range of buyers given its vast land area provides an efficient platform for construction, and with forecast rental growth and immigration rises we expect investor interest to re-emerge in the west.
“Build-to-Rent is a real prospect on this site with the staging plan and a mass of local amenity to complement the nearby railway station.”
Auburn is approximately 18km west of the Sydney CBD and 5km east of Parramatta, with Auburn train station and the nearby M4 Motorway offering easy access to Greater Sydney.
The bulk of the industrial tenants at the site are on month-by-month leases, with the 16,133sqm of warehousing generating an annual gross income of approximately $1,050,000.
“There are cyclical and structural changes occurring in Sydney, which will support the next cycle of Build-to-Sell apartment projects as well as the emergence of the Build-to-Rent sector,” Mr Volz added.
“This includes the acceptance of family living in apartments, increased detached dwelling affordability constraints, rapidly rising rents and the return of immigration as travel continues to improve.
“We believe that record low commencements of new-build projects will be felt in the market and as new generation off-the-plan properties become available and buyers value the benefits they offer, developers will be able to achieve higher pricing from new developments.”
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