The Anglican Church has acquired a Rydalmere industrial site for $8.25 million in order to combine its Sydney properties at Telopea and Dundas.
Located at 32 South Street, the 5,000 square metre site will be developed as the new church for the Parramatta LGA parish - serving several surrounding Western Sydney suburbs.
In order to fund the acquisition, CBRE’s Capital Markets team of Peter Vines, Alex Mirzaian and Tom Sheridan was engaged to negotiate the sale of the Anglican Church’s existing Dundas and Telopea sites.
The Dundas Anglican Church, located only metres from the station at 79 Kissing Point Road, transacted for $7.6 million to an Asian investor/developer - representing a record result for the area.
“The competitive sales campaign received 45 enquiries and 10 contract requests, underpinned by the sites significant development upside - with potential for 48 apartments at a proposed value of circa $160,000 per unit,” Mr Mirzaian said.
An additional church site at 24-26 Lord Avenue, Telopea was sold for $2.78m, via an Expressions of Interest campaign which received heated buyer interest.
“The $2.5 million - $3 million price point and existing Church Hall improvements appealed to a range of buyers, with over 60 enquiries and 10 offers received,” Mr Mirzaian said.
“Both sites received strong interest from local childcare developers, residential developers and a range of different denominations that were interested in the church for their congregation – illustrating the shortage of stock suitable for childcare operators or churches, particularly in the $2 -$5 million price point.”
Mr Vines added both sales unlocked capital to be invested into the new Rydalmere site, which will be redevelopment and expected to open in Q3, 2017.