A private developer has purchased this land at Marsden Park
ACREAGE in the heart of the Marsden Park development hub has sold for $5.2 million.
The 1.09ha property at 218 South St is zoned for a proposed town centre, similar to that of Rouse Hill.
Agent Michael Bennett, of Bennett Property Richmond, said the result showed there was still good interest in such sites. It was bought by a private developer.
The property is close to residential and business developments
“At the moment the going rate for the business zone is around $2 million per acre and this has worked out to be that,’’ he said.
“It was a pretty good result. To give you an indication, the one next door, with the identical size land, sold for $4.85 million last year and we expected interest around that price because the market is not quite as strong as what it was then.”
The property is less than a 10-minute drive from the Marsden Park commercial centre with outlets for Bunnings, Ikea and Lindt. It also has easy access to the M7.
It is zoned B2 local centre (retail) with a maximum building height of 28m.
Mr Bennett said it was not unusual for such sites to be held for several years in the lead-up to development.
The property is less than a 10-minute drive from the Marsden Park commercial centre with outlets for Bunnings, Ikea and Lindt.
“They then turn them over and pick up a million dollars or two closer towards commencement of work,’’ he said.
“We did have a lot of interest but some wanted long term settlements — options are also quite common in this area — but we wanted the best price and secure terms for the owner.”
CoreLogic RP Data shows the property last sold in July 2008 but no price was disclosed.
The three-bedroom house on the land previously earned $310 a week as a rental property.