Blacktown mixed-use development site sells for $11m at auction
The development site had six active bidders.
A partially constructed development site situated in Blacktown’s CBD has sold for $11m at auction.
The mixed-use property at 29-31 Second Ave attracted strong interest from developers who wanted to take advantage of the development approval.
The auction saw eight registered bidders competing for the 1,966 sqm site with a stage six approval for 184 apartments and two retail shops.
29 – 31 Second Ave, Blacktown sold for $11m at auction.
Bidding commenced at $5m, with a total of 45 bids received throughout the auction. The successful buyer was a residential and commercial property developer.
The property was sold by both the Colliers team of Matthew Meynell, James Cowan, and Jordan McConell and Stonebridge’s Lincoln Blackledge.
According to Mr Meynell, demand for mixed-use development sites remains high as evidenced by the auction’s success.
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The mixed-use development site will include 632 sqm of commercial floor space and 184 residential units.
“A successful auction of this nature with multiple bidders competing is evidence that demand for mixed-use development sites is still strong despite the shifting market conditions, with the undersupply of apartment stock across Sydney fuelling this demand,” Mr Meynell said.
Location was a major selling point for the mixed-use development site, being a four minute walk to Blacktown station and seven minutes to Westpoint Shopping Mall.
The site is linked to Sydney developer Mehis Corp which went into liquidation earlier this year, with the vendors identified as PwC and Nera Developments.
The development site had six active bidders.
“Demonstrating the value of works on site to date, plus the benefits of dealing with an arm’s length vendor allowed us to bring major buying groups to the auction room that typically would not have pursued an opportunity in this precinct,” Mr Blackledge said.
“Due to the low levels of completions throughout 2020 and 2021 and with the affordability crisis impacting freehold dwelling prices, it’s no surprise there was fierce bidding between competing parties for this prized asset, “ Mr McConnell said.
Western Sydney has grown due to strong commercial infrastructure and investment.
Blacktown has become one of the most prominent local centres in the greater Western Sydney region due to strong economic and population growth driven by investment in infrastructure, education, employment and healthcare.
