A local developer has purchased a Blacktown development site for close to $20m,with an existing mixed use zoning likely to deliver more than 270 apartments.
A local developer has purchased a Blacktown development site for close to $20m. The existing mixed use zoning will likely deliver more than 270 apartments, complete with associated retail and commercial components, to Western Sydney’s flourishing residential market.
According to Savills Robert Lowe, who brokered the deal with Neil Cooke and Stuart Cox, the property attracted very strong interest from both local and off-shore buyers.
"This was a development opportunity with everything going for it including mixed-use zoning, three street frontages, a virtually clean site with short term income, and a superb gateway location within Sydney’s hottest growth area," said Mr Lowe.
"That fact that it drew such an extraordinary response from the development market, including significant off-shore interest, was of little surprise," Mr Lowe said.
Currently occupied by a car park and car rental business, the 5-19 George Street property comprises 4,644 square metres of land over two lots with three street frontages and is zoned B4 Mixed Use which provides for a 56 metre height limit.
The property is located adjacent to the Blacktown CBD, in close proximity to the Blacktown bus/rail interchange, Westpoint Shopping Centre, Blacktown Hospital, Blacktown TAFE College and many local schools.
Mr Cooke said development of the property would act as a catalyst for further high quality sustainable developments in accordance with the Blacktown City Centre Masterplan.
Blacktown City Council, is the largest and fastest growing municipality in NSW, has a current estimated population of 308,000 people which is forecast to grow to 500,000 people with a required 180,000 dwellings (currently 100,000) by 2036.
A draft concept scheme, prepared by Cox Architecture for the property, comprises a mixed use development with 271 apartments, 6,320 square metres of retail and commercial space and underground parking.
The vendor was Blacktown City Council.