The Medich Family's 344-hectare land parcel at Badgerys Creek in Western Sydney has finally settled for almost $500 million.
Property records show the substantial land-holding, located directly opposite the Western Sydney airport, transacted for $499,950 million last month.
The sale comes after the Medich brothers purchased the Badgerys Creek site from the CSIRO for $3.5 million in 1996.
Property records show an entity named Roberts Jones Bringelly whose directors include Cheng Jia Pan and Bo Gong snapped up the Badgerys Creek site.
The buyer, whose directors give addresses of Mossman and Bellevue Hill, also purchased 73 hectares of land in Bringelly from the Medich family, which settled for $77 million in December last year.
The deal on the substantial Badgerys Creek land parcel, located at 1953 Elizabeth Drive, first came to light in 2017.
At that time the sale was associated with a subsidiary of ASX-listed Boyuan Holdings Limited.
BHL had entered into the agreement via a put and call option, and the transaction was contingent on approval from the Foreign Investment Review Board. Although it is understood that the property deal did not go ahead.
When contacted, a spokesperson for Boyuan Holdings said Roberts Jones Development has appointed BHL as the development agents for the project due to the company's “historical knowledge of the site and the Western Sydney Aerotropolis in general.”
“Roberts Jones Development will work with BHL, local project management teams, consultants and contractors, to transform the Elizabeth Drive site into a major employment, logistics and mixed-use precinct servicing the Airport and greater Aerotropolis,” the spokesperson said in a statement.
The Medich brothers, Ron and his property developing brother Roy, secured the Badgerys Creek site for $3.5 million in 1996 from the CSIRO.
In 2017, The Sydney Morning Herald said that at the time of the sale the CSIRO was chaired by former NSW premier Neville Wran, who was later to become Ron Medich's partner in a gourmet pizza company.
As the Western Sydney Airport is still slated to open in 2026, land in the Badgerys Creek precinct has been in demand.
The Barba and Putrino families—owner-occupiers in the food industry—snapped up a 3.96-hectare farm in October last year for $14.5 million.
The 205 Lawson Drive site is earmarked to be rezoned for flexible mixed-use and employment purposes.
Last year the auditor general found that taxpayers stumped up $26.7 million too much for land owned by billionaire dairy farmers to build a second runway at Western Sydney airport.
The Australian Federal Police are currently investigating whether any criminal offences were committed in the $32.8 million payment for land, known as the Leppington Triangle in Western Sydney, valued 11 months later at only $3 million.