A Badgerys Creek industrial development site in the heart of the Western Sydney International Airport precinct has sold for $10.23 million, including GST, with a 17 day settlement.
Located at 140 Martin Road, the 5.564ha site was marketed by Ray White Commercial Western Sydney agents Joseph Assaf, Victor Sheu, and Troy Wang on behalf of a private investor who bought the property for $1.5 million in 2016 as a land banking opportunity.
Mr Assaf said industrial land was in high demand, with this site being purchased by a local developer.
“The purchaser had been looking at getting in the aerotropolis precinct for a while, however, was waiting for the right opportunity,” Mr Assaf said.
“He saw this street to be a ‘key and pivotal’ location, providing direct access to the new Western Sydney International Airport.
“He was a cash buyer with competitive settlement terms of just 17 days.
“He intends to build industrial units and capitalise on the forecasted increase in demand for logistics near the new airport.”
Mr Assaf said demand for properties in the new airport precinct was strong.
“Interest in this property was very strong as the airport has now reached the milestone of 50 percent completion,” he said.
“The market has been very deep with high demand from developers and land bankers keen to secure sites in such a fundamental location.
“The first Aerotropolis hotel project has recently been revealed, and prominent development groups are actively working on the masterplan for their industrial park.
“Additionally, the government is pushing through infrastructure development in the area. Given these factors, it is foreseeable that the business, industrial, and employment sectors in the area will continue to expand and flourish.”
Ray White head of research Vanessa Rader said industrial land was in high demand right across Sydney.
“There is limited zoned, developable industrial land across Sydney which has put upward pressure on land values particularly over the last few years,” Ms Rader said.
“The key zones across Western Sydney are some of the most hotly contested amongst institutions, developers and private groups to both landbank or develop in this low vacancy environment, despite the rising cost of finance.
“Access to road, rail and the new aerotropolis precinct being a main drawcard for owners and tenants earmarking this precinct as one of the most active over the next decade.”
