A massive commercial site in Sydney’s south has hit the market with $100m+ hopes.
The 16,404 sqm site in Mascot could be suited to a number of various uses for the buyers.
The property at the property at 146 and 154 O’Riordan Street in Mascot has been brought to market exclusively by Colliers National Director’s Michael Crombie and Trent Gallagher on behalf of JKN Park, a company owned by Jean Nassif.
Collier said the property has “price expectations above $100 million”.
Overlooking Mascot Oval, just 400m from Sydney Airport and with easy access to major arterial roads, the large-scale industrial site, “is suited to a multitude of uses, with the option to hold as an industrial development, develop into multi-level industrial or commercial premises, or take advantage of the approved DA for a hotel and serviced apartments.”, according to the listings marketing collateral.
Currently the site has a mix of ground floor retail and amenities tenants, institutional grade commercial precincts, hotels and a new grade of multi-level industrial buildings being delivered by Goodman, Logos and Charter Hall.
“It’s unusual to see a site of this scale for sale in such a desired location. The immediate proximity to Sydney Airport, Port Botany, Mascot Railway and the motorways will be integral to the end development of this site,” Mr Crombie said.
MORE: Jackie ‘O’s new fortress to be worth $20m+
Super popular over-water pad sold for $10.5m+
Where landlords are netting most profit from short stays
“The vendor has heavily de-risked this asset, with a DA as well as an amendment to the height enhancing the development opportunity.”
The potential to increase current rents it possible as all leases are due to expire in 2023.
“This offering represents a gateway opportunity into the highly desired South Sydney market. The asset will be hotly contested as it will suit a huge buyer pool including industrial
investors seeking to reposition, industrial developers for multi-level logistics, office, hotel, data centres and serviced apartments,” Mr Gallagher said.
146 and 154 O’Riordan Street in Mascot is for sale via an Expressions of Interest campaign closing Wednesday, 12th April 2023 at 3:00PM (AEDT).
MORE: ‘Very concerned’: $150 a week blow for tenants
Dogs to inherit six figure sum from home sale
Ultimate Gold Coast staycation up for grabs
Originally published as ‘De-risked’ $100m+ land sell off in Sydney’s south