Sydney Metro pays $15m to acquire four houses from Woolworths owned Fabcot Pty Ltd
Sydney Metro has paid close to double the Five Dock median house price to acquire several properties from Woolworths as part of the future Metro West line.
The four homes on 1486sqm at Waterview Street, Five Dock, were recently purchased by Sydney Metro for a combined $14,670,990, according to CoreLogic.
At an estimated $3.67m per house, the price is $1.713m above the inner west suburb’s median house price. The Waterview Street houses are located where one of the entrances to Five Dock station will be.
It follows Sydney Metro paying $2.725m last March to the former long-term owner of 29 Waterview Street.
CoreLogic records show Fabcot Pty Ltd — the in-house retail property division of Woolworths Group – were the owners of the acquired houses. The entity purchased 23 Waterview Street in August 2018 for $2,435,400, before adding the three other acquired houses at 25, 27 and 31 for just under $10m prior to the NSW Government revealing the Five Dock station location.
Woolworths had been buying homes on Waterview Street with plans to build a retail complex.
CoreLogic reveals Fabcot Pty Ltd still owns two neighbouring properties at 15 and 17 Waterview Street. No. 21 is owned by City of Canada Bay Council.
A Woolworths spokesman told The Daily Telegraph the company was exploring its options with the remaining sites, and would “consult with the local community and council on any proposed plans we may have at these sites”.
The four purchases form part of 24 property acquisitions this year in Five Dock, Concord, Burwood, Clyde and Westmead made by Sydney Metro under The Land Acquisition Act 1991 that sets out a process to “fairly compensate land owners and tenants”.
CoreLogic records estimate the 24 properties set back the NSW Government entity about $34.5m. Sydney Metro confirmed the acquisition process for properties between Westmead to The Bays had concluded.
“The matters in which Sydney Metro was unable to reach a mutually agreeable settlement with the owner, have been referred to the Valuer General who will independently determine the compensation to be paid, in accordance with the Just Terms Act,” A Sydney Metro spokesman said.
The Metro West line will enable passengers to travel from Westmead to the CBD in 20 minutes from 2030, with stations to be built in Westmead, Parramatta, Sydney Olympic Park, North Strathfield, Burwood North, Five Dock, Bays Precinct, Pyrmont and Hunter Street.