Bid frenzy as Commonwealth Government site sells for $5.4M

SIX active bidders fought it out as a substantial Commonwealth Government land parcel sold for $5.4M under the hammer at Collingwood Park.

With a 27.154ha* land area, the asset was available across three titles, and was designated Residential Low Density (Sub Area 2).

The site was marketed and sold by Ray White Special Projects Executive Directors Mark Creevey and Tony Williams.

Mr Creevey said it was an active campaign throughout, with a multitude of enquiries coming from a wide array of development groups across the country.

“Potential buyers really appreciated the site as one of the last development opportunities in Collingwood Park, and that culminated in us having 12 registered bidders on the day,” he said.

“There was some strong competition at the auction with 31 bids seeing the price rise from the opening bid of $1M, all the way up to $5.4M, to see the property sell under the hammer.

“There wasn’t a seat to be had in the in-rooms as six active bidders became two, and they fought it out until the very end.”

Mr Williams said the site had previous (now lapsed) development approval for 238 lots, child care and 2,603sq m* of townhouse use.

“The site was purchased by a Sydney-based private developer who is deciding on the final development mix and will likely seek to develop the site into a residential land estate in the near future,” he said.

“The asset is directly opposite a Woolworths shopping centre and is surrounded by residential houses and adjoining Woodlinks Estate.

“It’s in close proximity to Woodlinks State School, is walking distance to Collingwood Park State School, and is one of the few remaining development opportunities in this precinct.”

*Approximately.