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Historic Glenmore Meats site sells for $23.5 million

Property Markets / Transactions

Australia

Aug 07 2017

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The historic Glenmore Meats company at 40-46 Wentworth Park Road, Glebe has sold for $23,580,000 following a massive display of interest.

Colliers International’s Ryan Bennetts and Guillaume Volz received 26 bids and over 250 enquiries for the 2034 sqm site, which was purchased by a local Chinese developer, AVP Developments Pty Ltd.

“The Glenmore was one of the most hotly contested development sites we’ve seen this year,” said Ryan Bennetts, Associate Director of Development sites at Colliers International. 

“Glebe is shaping up as one of Sydney’s most desirable residential markets given its proximity to the CBD, walking distance to Sydney’s leading universities and upcoming rejuvenation of White Bay and the Fish Market precinct.”

Glebe is particularly well positioned to take advantage of the redevelopment of the Bays Precinct, one of Sydney’s most significant urban transformation initiatives, which will see the harbour-front area become a bustling hub of enterprise, activity and beautiful spaces.

The site attracted offers from both local and Chinese-based developers with original price expectations exceeded by at least 9 prospective purchasers. 

Mr Bennetts said “The sale and interest in the Glenmore Meats site represents emerging developer preference for owner-occupier style product with townhouses most likely for the site. The scarcity of townhouse product amid many high-density projects in the area will see the purchaser deliver an inimitable product in an exceptional residential area.”

According to Mr Fred Newton, the founder and owner of Glenmore Meats, “Our business has left a sentimental mark on the suburb and Glebe for many Sydney-siders over the years however the transformation of the suburb into a vibrant residential location will now see a delightful redevelopment of the site complimentary and sensitive to its surrounds.”

The sale contributes to a select number of premium development sites to hit the market in 2017 as stock levels experience dramatic decrease due to high sale volumes in recent years causing a scarcity of available sites in the city fringe. 

The recent sale of 141 Allen Street, Leichhardt also sold by Colliers International for circa $55 million to Chinese developer Changfa Investments achieved a record price earlier this year. 

SOURCE: Press Release

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