Western Sydney apartment site sold for $36 million


Sydney-based property groups Revelop and Mintus sold their western Sydney development site to a local developer for $36 million, even as the market shows signs of slowing down.


The residential project has approval for 300 apartments spread across eight buildings ranging from three to five storeys.

The sale of the 30,000sq m site, located at Butu Wargun Drive, Pemulwuy, 30 kilometres west of the Sydney CBD, was negotiated by CBRE’s head of investment and development sales Alex Mirzaian.

He said the sale highlights developer interest in Sydney’s west, particularly for affordable homes.
“We’re continuing to see strong development transactions occur in pockets of western Sydney that have a lack of supply,” he said.
“This is particularly the case for sites that can accommodate affordable apartment stock priced between $600,000 and $700,000.”
Mr Mirzaian said he expected to see similar transactions go ahead despite the current shutdown.
“Even in these uncertain times, sites with development approvals in undersupplied areas would continue to transact, fuelled by the expectation of further construction industry stimulus from the NSW government,” he said.

“Some local western Sydney buyers are looking to keep building with the view that the market will recover in the next 12 months as housing supply dries up.”
Revelop’s Charbel Hazzouri said the sale was “a strategic decision to enliven the area with its only new multi-unit housing development in the past decade”.
“Revelop, in partnership with Mintus, has always had significant and unwavering confidence in the area with other land holdings in Pemulwuy still on track for release,” he said.
The two companies teamed up in late 2015 to snatch a prized development site in Nelsons Ridge for $60 million.
Revelop, known for both commercial and residential development in Sydney, has been actively developing a multi-asset portfolio that includes co-living properties.