Mascot mixed use development site jets past expectations

SEPTEMBER 22, 2014

Media release - 22nd September, 2014

Like the giant Boeings and A-380s taking off from the nearby airport, Mascot’s commercial property market is proving to be jet propelled if the recent $6.1 million sale of a development site is to be used as a benchmark.

The mixed use development site located at 982–988 Botany Road, Mascot, was sold at auction on Tuesday 9 September, by Raine & Horne Commercial South Sydney/Marrickville on behalf of building firm, Sydcon Construction.

Purchased by a private developer, the site has DA approval for 18 apartments and four shops, and the final price did not surprise selling agent, Nicholas Smith, Co-Principal of Raine & Horne Commercial South Sydney/Marrickville.

“We received 100 enquiries prior to auction, and the winning bidder beat a number of committed local and overseas bidders,” said Mr Smith.

“The auction opened at $5 million and the fierce bidding quickly pushed the price past the vendor’s reserve.”

Fellow principal Luke Smith added, “The final price of $6.1 million, a record for Mascot, demonstrates the demand for development sites in the Sydney metropolitan area.

“It also shows that developers are enjoying strong resale values and are therefore prepared to pay a premium to secure quality sites, especially those with DA approvals.”

For further media information contact:

Nicholas Smith, Co-Principal R&H Commercial South Sydney/Marrickville on 0407 787 288

Luke Smith, Co-Principal R&H Commercial South Sydney/Marrickville on 0416 281 577

Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400

Why Raine & Horne Commercial?

Our full-service commercial real estate network can provide in-depth knowledge of local and regional property markets, with insight and understanding that comes from being a part of a long-established national and international property group. Committed to personalised service and achieving unsurpassed results, our clients continue to benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.

The Raine & Horne Commercial network is comprised of 100% owner-managed offices and includes numerous industry leaders and award winners. We employ agents who are empowered, encouraged to share and who maintain first rate communication to deliver the best possible outcome with every transaction. We pride ourselves on staying abreast of local and national trends and developments in the property industry, resulting in consistently cutting-edge services and holistic solutions for our clients.

Our industry experts embody and respect the family-oriented values synonymous with the Raine & Horne Commercial brand, allowing us to provide a complete range of professional services for all aspects of commercial, industrial, retail sales, leasing and specialist properties.