Well-known site next to Meadowbank Train Station set to be developed following sale

• The property has DA and CC approval for a three-story mixed-use retail and commercial development with 642sq m of gross floor area
• It was purchased by Salute Group from Sasco Pty Ltd
• The property was sold prior to the close of an EOI campaign run by Knight Frank

A site known as ‘The Wedge’, situated immediately adjacent to Meadowbank Train Station in Sydney’s west, has sold.

The 342sq m site at 27 Railway Road in Meadowbank, which has DA and CC approval for a three-storey mixed-use development, was sold for $2.2 million to Salute Group from Sasco Pty Ltd.

The sale was negotiated by Demi Carigliano, Anthony Pirrottina and Harrison Burcher of Knight Frank following an Expressions of Interest campaign that yielded strong interest.

Mr Pirrottina said the approved development on the site would become a landmark in the area once it is built.

“The approved development consists of a three-storey retail and commercial building with a total gross floor area of 642sq m,” he said.

“It’s rare for a development site to have both development approval and a construction certificate, so this site was very attractive to buyers.

“We had 60 enquiries and 3 offers throughout the campaign, with the property selling prior to the close of the Expressions of Interest campaign, demonstrating the strong appetite for development sites that are ready to go.

“The sale price represents a strong per square metre rate of $3,430 for the gross floor area of the approved development.”

Mr Carigliano said the site is in the most central position in Meadowbank, right next door to the train station and bus interchange.

“When built, the mixed-use development on the property will be in a high-exposure location, with foot traffic of around 3000 daily commuters,” he said.

“The site is also directly opposite a town centre development featuring a shopping centre, which is currently under construction.

“That development will consist of a 7-storey mixed-use project containing residential apartments and 4,243sq m of commercial floor space, with committed retailers including Coles and Liquorland.

“Meadowbank is a popular residential district and offers excellent public transport and retail amenity in an established waterfront environment.

“With the urban sprawl heading further west, Meadowbank is a thriving inner-west hub.”

For more details, contact:

Demi Carigliano, Knight Frank
Demi.carigliano@au.knightfrank.com
0423 015 815

Anthony Pirrottina, Knight Frank
Anthony.pirrottina@au.knightfrank.com
0402 666 093