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Investors circle SW Sydney land sites

The Malouf family is taking to market its large land holding in Sydney’s south-west, to take advantage of investor demand for assets near to the site of the proposed Badgerys Creek Airport.
Nanjing Night Net

It has been in the family for many years and is one of the few “englobo” sites of this scale that has been bought to the market.

Englobo is an undeveloped lot, group of lots or parcel of land that is zoned to allow for, and capable of significant subdivision into smaller parcels under existing land use provisions.

There is no price guide but based on recent sales the ranges are from $1 million to $4 million per hectare depending on size, current zoning terms and location.

Colliers International’s Harry Bui, Fab Dalfonso and Joe Sacco are the agents on the site located at 565 Bringelly Road, Rossmore, and covering about 45.44 ha within the South West Growth Centre.

Other sales in the area have included the Dahua Group, which acquired 89 hectares of rural land at Menangle Park from Campbelltown City Council for $65 million in late 2016; Boyuan Holdings bought 40.5 hectares of rural land on the Northern Road in Bringelly for $70 million in January 2017; Aqualand bought a 12.51 hectare site, for $87 million in Baulkham Hill in January 2017.

Late last year, Dyldam Development bought a 20.02 ha Leppington Town Centre site for about $85 million.

“As one of the last remaining large englobo land sites in Sydney’s South West Growth Centre, this is a rare opportunity to acquire a strategic land holding in close proximity to Leppington train station and the proposed Badgerys Creek Airport,” Mr Bui, the national director, investment services at Colliers International, said.

“Demand for englobo sites of this scale have attracted strong interest from local and offshore developers keen to capitalise on consumer demand for new housing in growth corridors that offer proximity to existing or committed public infrastructure.

“Over the past 18 months similar land sales have resulted in substantial prices for their owners.”

The Department of Planning Sydney Growth Centres Strategic Assessment Draft Program Report May 2010, indicates 565 Bringelly Road, Rossmore, falls into the Rossmore precinct, although it is yet to be released or rezoned.

Mr Bui said, that according to government sources, subject to release, rezoning and development approval, the Rossmore precinct is expected to house about 9000 dwellings with a population of about 25,000 people, and a proposal to build a new town centre, neighbourhood centre and commercial space.

The site is also identified as part of an “enterprise corridor” in accordance with the 2014 Metropolitan Strategy – A Plan for Growing Sydney, which was released in December 2014 by Department of Planning and Environment.

“Sydney is currently experiencing a once-in-a-generation infrastructure boom, with Rossmore situated perfectly within close proximity to the Moorebank Intermodal employment hub and proposed Badgerys Creek Airport site,” Fab Dalfonso, the national director, industrial at Colliers International, said.

“Construction of the proposed new airport alone is expected to generate around 4000 new jobs during the peak of construction according to the government.

“The federal and state governments have also committed significant funding to infrastructure upgrades including the Bringelly Road upgrade and the NSW government is planning for growth in the area by preserving an additional public transport corridor in the south-west.”

According to Colliers International research, south-west and Western Sydney are predicted to be the growth engine of Australia’s economy.

“Over the next 20 years the government expects the population of south-west Sydney to grow by more than 325,850, which means more jobs, increased amenity and greater opportunity for local residents,” Joe Sacco, senior executive, investment services at Colliers International, said.

This story Administrator ready to work first appeared on Nanjing Night Net.

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