Fife Adds Rosehill Property to portfolio11 January 2023
Fife Capital have acquired a major industrial site in Rosehill, NSW for $53.3m.
The 4.8ha site at 12 Grand Ave Rosehill has a 20-year lease-back to SAMI Bitumen Technologies for 47.6% of the site and a DA approval for subdivision of the balance of the land.
The NSW Government has released a 20 year vision for the future redevelopment of the Camellia / Rosehill precinct which will see a large part of the existing heavy industrial uses replaced with a range of higher value industrial and residential precincts. The Camellia–Rosehill Place Strategy sets out an approach to retain strategically significant industrial land but to also create a vibrant 18-hour entertainment precinct, a thriving residential town centre with supporting retail outlets, and a new urban services precinct to provide up to 15,400 jobs and 10,000 homes for around 24,000 people.
Under the planning strategy, the subject site is likely to remain industrial and given the history of heavy industrial activities which have occurred across the precinct (included oil refining, a tannery, metal works, manufacturing of pharmaceuticals, asbestos products, chrome chemicals, bitumen, and arsenic-based herbicides), the land and groundwater is likely to be heavily contaminated.
The site will however benefit from ongoing development in the precinct including the recently announced Parramatta Light Rail Stage 2 Route which is proposed to extend past the site, providing direct connection between Parramatta, Melrose Park, Wentworth Point and Sydney Olympic Park.
The site was offered to the market by Colliers together with Khoury & Partners via an Expressions of Interest campaign in December 2021.
Fife negotiated a conditional settlement, which may have been dependant on the final route of the Stage 2 Parramatta Light Rail which was announced in December 2022. Fife completed the acquisition in December 2022.