Greenacre development site expected to fetch more than $4 million

‘The Noble’ development site in Sydney’s Greenacre is on the market for an expected price of more than $4 million.

Thomas Mosca and Nick Estephen of Colliers International and Ryan Jennings and Marco Chiodo of JLL are selling the property which consists of five lots, at 50-54 Shellcote Road and 304-306 Noble Avenue.

The 2,915 sqm site is vacant land with development potential and is being sold with both a residential and business zoning.

“The Noble presents a great opportunity to capitalise on the well-established Chullora industrial market and the commercial and business corridor of the Hume Highway,” said Thomas Mosca, Associate Director, Investment Services at Colliers International.

“Part of the property is earmarked to be rezoned under the new Canterbury Bankstown LEP review with two parcels going to B6. This will present three separate zonings across the entire site and enable a flexible use commercial and residential development.”

Nick Estephen, Manager, Investment Services at Colliers International said, “Our client is looking to capitalise on the demand for prominent commercial sites where we anticipate strong interest from a variety of developers including those in the retail, residential, commercial and private spaces.”

Also benefiting from the change in the Canterbury Bankstown LEP is a recent transaction completed by Nick Estephen and Tom Barnier of Colliers International in Panania. MedClinic, the suburb’s main medical centre at 94-96 Anderson Avenue sold for $2,750,000, achieving the highest land rate in the history of the suburb and a record 5.73% net passing yield.

“The resilience these defensive and essential service assets have publicised during the COVID-19 pandemic have demonstrated their capability of ensuring investor money is secure and safe.” Said Nick Estephen.

Expressions of Interest for The Noble close Thursday the 8th of October.