Sydney Developer Merhis Corp’s partially built 184-apartment tower in the Blacktown CBD has sold for $11 million.
Merhis Corp went into liquidation and its director Mark Merhi left the country earlier this year.
PwC, the receivers and managers of Nera Developments, which owns the site and was controlled by Merhi, listed the under-construction development in October, and there were reportedly eight registered bidders.
The 1966sq m site at 29-31 Second Avenue had an approved development application and construction certificate for 184 apartments and two shopfronts.
There were 45 bids for the property from residential and commercial developers with the final sale price of $11 million. An unnamed prominent western Sydney developer reportedly tipped out other bidders to acquire the mixed-use development.
The basement parking and first five levels of the Inspire tower have already been built.
Colliers’ Matthew Meynell, James Cown and Jordan McConnell worked with Lincoln Blackledge of Stonebridge to sell the property.
“Demonstrating the value of works on site to date, plus the benefits of dealing with an arm’s length vendor, allowed us to bring major buying groups to the auction room that typically would not have pursued an opportunity in this precinct,” Blackledge said.
“Due to the low levels of completions throughout 2020 and 2021 and with the affordability crisis impacting freehold dwelling prices, it’s no surprise there was fierce bidding between competing parties for this prized asset,” McConnell said.
Colliers agent James Cowan said it was the third commenced development site Colliered had marketed transactions on. He said while it was a sign of the times it demonstrated that a good strategy and the right agents could deliver a premium result.
Located four minutes’ walk from Blacktown Station and seven minutes from Westpoint Shopping Mall, the property has an approved gross floor area of 14,144sq metres.
Blacktown is the largest local government area in New South Wales and its CBD development is gathering momentum.
The region is forecast to undertake strong economic and population growth that is underpinned by record levels of infrastructure investment in education, employment and healthcare.
