Cushman & Wakefield today announced that it has sold a significant land holding and development opportunity, 239 Hume Highway, Cabramatta, for $7,550,000. The purchaser, a Melbourne based-owner occupier, intends to develop the site into a large format showroom.
Cushman & Wakefield’s Geoff Sinclair and Yosh Mendis brokered the deal in a sales campaign that saw around 200 enquiries and over 10 offers to purchase.
The 6,545 sqm major highway site enjoys over 110 metres of frontage to the Hume Highway, and is exposed to over 60,000 passing vehicles daily. Two auto dealerships currently provide a short-term holding income of $306,909 p.a. plus GST.
Located 30km south-west of Sydney’s CBD and 5km to the Liverpool CBD, Cabramatta is one of South-Western Sydney’s fastest growing suburbs and a significant residential, commercial and industrial precinct. The site neighbours a number of national brands including McDonalds, BP, Shell, Caltex and Oporto.
Cushman & Wakefield’s Associate Director, Yosh Mendis, said: “Representing one of the largest land sales along the Hume Highway, in Cabramatta. This sale exemplifies the increased depth in the market for key Sydney metropolitan land holding.”
Cushman & Wakefield’s Sales Executive, National Investment Sales, Geoff Sinclair said: “Circa 6,500 sqm on the Hume Highway represents a very rare offering to the market where the campaign unearthed significant interest, totalling over 200 inquiries and 10 offers to purchase.”
“Interest came from a variety of owner occupiers, developers, end users and investors, primarily looking to land-bank in tight Sydney metropolitan areas, as well as inquiry from national syndicates and funds with pre-commitment development mandates from tenants.”