Aged care provider Anglicare has listed a prominent development site in the heart of the 377ha Norwest Business Park in Sydney.
The site, at 24 Brookhollow Avenue, has been listed as Sydney’s axis continues to pivot towards the west with heavy infrastructure spending in the area, including the $7.3-billion, recently completed, Metro North West and the future second airport at Badgerys Creek.
The site, purchased by Anglicare in 1992 for $1.27 million, has been used by the not-for-profit for their catering services since 1997. It includes cool rooms, preparation stations and an office.
The site has a B7 zoning, which permits commercial, retail and industrial uses, as well as the construction of a hotel or serviced apartments.
The property is being marketed by Peter Vines and Victor Sheu of Ray White Commercial Western Sydney and Frank Oliveri and Paul McGlynn of Colliers International.
The Urban Developer contacted Ray White, who declined to disclose the price guide for the 9250sq m site.
“The market in Norwest for freehold sites has been very tightly held, and as such, opportunities of this size so close to the station rarely present themselves,” Vines said.
“Locally-based businesses have not been able to acquire a freehold site within the business park for a number of years.
“We're expecting strong interest from [institutional] groups, and coupled with the future planning upside and proximity to the Metro, the property will appeal to developers and investors also.”
At a neighbouring 5.2ha site, office and industrial landlord Dexus is pressing ahead with a major infrastructure project, lodging an unsolicited proposal with the NSW government for a new high school.
Developer Mulpha, which built the Norwest business park 28 years ago, is currently undertaking a $3-billion facelift—including new commercial spaces and affordable apartments but a $50-million university—to be delivered over the next 10 years.
Anglicare is planning to put the sale proceeds of its Norwest site towards a number of initiatives including retirement living, nursing homes, pensioner housing and domestic violence services.
It also turned its attention in recent months to delivering $100-million worth of projects at Mount Druitt, Fairfield and Liverpool.
Anglicare, which holds an extensive retirement living portfolio, has mixed the residential three offerings to deliver a variety of build-to-sell dwellings and social and affordable accommodation.