Industrial developer Hannas has bought a vacant infill site close to Westmead Hospital in Sydney’s Northmead area from a private owner for $13.5 million.
The buyer intends to develop the 6,490 sqm site at 150-152 Briens Road into a mixed-use business or industrial estate.
The property is currently zoned for industrial use and has approval for a carpark but the site has future development potential, being strategically positioned within the Northmead Employment sub-precinct.
Being strategically positioned within the Westmead Health and Education Precinct, the property provides the potential for a long-term planning and development upside as part of the Draft Westmead 2036 Place Strategy.
Wally Scales and James Reeves of Knight Frank, in conjunction with Jeff Moxham of Moxham Commercial and Marcel Elias of Bawdens, ran the expressions of interest campaign.
Reeves said the site was sought after by buyers, with owner occupiers competing with investors and developers.
“This is the last remaining parcel of undeveloped land within the industrial precinct in Northmead, so it attracted buyers looking for hard-to-come by development opportunities in the area,” Reeves said.
“Industrial property is still performing well, so there are many buyers looking for sites of this type and it was no surprise the property was sought after.”
Elias said the strategic location of the site was a drawcard for buyers, with the Westmead Health and Innovation Core Sub-Precinct just 100 metres south.
The sub-precinct is planned to be home to Australia’s largest concentration of hospital and health services and one of the country’s largest health, research and education precincts.
“This site will benefit from its proximity to this precinct, with multiple potential future development outcomes,” Elias said.
Moxham said well-located development sites were still sought after in the current market.
“Westmead is undergoing significant change, so the location of this site was ideal for buyers to capitalise on future growth,” Moxham said.
Recent Sydney industrial deals include Chess Engineering’s sale of its long-time base at 101-103 Fairford Road, Padstow in Sydney’s southwest to a local developer for $18.93 million.
A private investor bought an industrial facility in St Mary’s in Sydney’s west for $24.5 million last month, while Ramo purchased an industrial property in Milperra in a deal worth $27 million in May.
Hines acquired four logistics properties in Sydney’s Chullora, South Granville and Emu Plains, as well as Brisbane, from Pipeclay Lawson for $211.5 million in April, while Coombes Property Group bought an industrial landholding in Botany for $25.25 million.