In May 2020, the NSW Government announced the approval of a game-changing $1.49 billion revamp of the Mount Druitt CBD, aiming to create 15,000 jobs, and breathe new life into Western Sydney’s next up-and-coming commercial hub.
As a part of the Greater Sydney Commission’s 2056 Plan, Mount Druitt will act as a gateway hub between Greater Parramatta and Greater Penrith which are identified as two of the five largest economies outside of the existing Sydney CBD.
Having been identified as the key population driver moving forward, this recent planning uplift will continue to be benefited by all Western Sydney-bound infrastructure investments ranging from road upgrades, the Western Sydney Airport as well as constant growth.
In light of this, a large 8,059sq m* site benefiting from almost 200 metres of street frontage in the heart of Mount Druitt is set to hit the market this month through Receivers and Managers Grant Thornton (Philip Campbell-Wilson).
Known as the Daniel Thomas Plaza, at 6-10 Mount Street, the regular shape corner-block with three frontages to Mount Street, Ralph Place and Zoe Place is zoned B4 – Mixed Use with a 64 metre height building limit and is conveniently located 500m* from Westfield Shopping Centre & 800m* from Mount Druitt Railway Station.
The property is being marketed and sold via expressions of interest by Ray White Commercial Western Sydney Directors Peter Vines and Victor Sheu, in conjunction with Savills Australia Directors Neil Cooke and Stuart Cox.
According to Neil Cooke, Director, Residential Site Sales at Savills Australia, a site such as this is extremely rare in developed commercial centres, but the scale allows for an array of uses suitable for occupiers, investors, land bankers, BTR operators and developers alike.
“There is potential for a significant residential multi-tower property, underpinned by a commercial/retail podium offering larger tenant exposure or smaller accessible tenancies catering to existing local demand.
“Another outcome is to potentially increase the overall footprint of the existing improvements in the shorter term to generate higher income, while resolving the complete redevelopment vision” he said.
With major existing structures providing a range of office and retail space, the property is currently partially tenanted and provides a significant holding income for the inbound purchaser to plan for their value add strategy, repositioning the asset and plan for future redevelopment. As the site has always had active retail and services offerings - there is an abundance of street exposure with ample foot traffic and parking.
According to Peter Vines, Managing Director, Ray White Commercial Western Sydney, the property represents an excellent opportunity to acquire a strong investment asset with significant mixed-use development upside in the heart of Mount Druitt’s central business district and is conveniently located 500m* from Westfield Shopping Centre and 800m* from Mount Druitt Railway Station.
"In addition to the investment repositioning, there is a genuine opportunity to develop a landmark mixed-use precinct in the heart of Mount Druitt’s CBD with a potential gross floor area of 55,480sq m*, making it a stand-out in the City of Blacktown district.
“The existing improvement comprises three buildings with 13 tenancy spaces that can be reconfigured to cater for smaller or larger tenancies. The site provides a total lettable area of 3,294.3sq m*, and the tenancies also benefit from a generous number of 117 car spaces (partially undercover)” he said.
Set to benefit from the emerging Western Sydney Aerotropolis in Badgerys Creek, Mount Druitt is just 34km* west of the Sydney CBD and 20km* from Parramatta CBD,
Mr Cooke said Mount Druitt is a gateway suburb centrally located within the urban sprawl activities taking place in Western Sydney.
"The core uplift from this rezoning announcement will bring additional services into the area to further bolster the existing health services as well as commercial activities" he said.
According to the 2016 census of population, there were 16,726 people in Mount Druitt, but that number is growing rapidly. Median house prices are currently circa $683,000 which are drawing in young families and working professionals, as that rate is almost half the median in areas such as Ryde, Sutherland Shire and the Inner West.