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Growth Of Western Sydney Suburb Glebe Attracts Market Interest

Glebe_point_road_sydney

Up to 100 new apartments could soon be built in the heart of Glebe with expressions of interest now being sought for a 5,556 square metre property at 357 Glebe Point Road.

Minister for Finance and Services Dominic Perrottet said the government-owned land was well positioned for residential development.

“The possibility that the site could feature new residential accommodation is exciting news for home buyers, retailers and small businesses in the area,” Mr Perrottet said.

“I’d expect there will be significant market interest in this property as it features three frontages with views of Blackwattle Bay and the city skyline, and is situated ten minutes from the CBD, close to transport, shops and restaurants.”

Mr Perrottet said in its current state the site is being under-utilised, as it was originally built as a juvenile detention centre and has been retrofit to accommodate offices for Family and Community Services and the Department of Justice.

“Historic Bidura House, also situated on the premises, is currently being leased and regardless of ownership of the overall site this historically important building will be retained.”

The preservation of Bidura House is legislated as part of the City of Sydney’s local environment plan. The sale of 357 Glebe Point Road is being managed

Savills on behalf of Government Property NSW, the government’s property agency.

The property is being sold by public tender and will be sold with a leaseback agreement to the government for a period of two years to accommodate construction of new facilities for the Department of Justice and the relocation of staff.

Mr Perrottet said the sale of the Glebe prime site was part of the NSW Government’s strategy to divest property assets no longer required for core-business activities.

“The strategy of divestment, guided by the Property Asset Utilisation Taskforce (PAUT), has helped to unlock more than $585 million in capital since 2012,” he said.  “Funds from the sale properties are able to be reinvested into upgrading, improving and providing new infrastructure, like the Inner-West Light Rail Extension which opened earlier this year.

“Government will continue to explore ways we can improve the lives of people right across the State without placing unnecessary burden on taxpayers.”

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Article originally posted at: https://theurbandeveloper.com/articles/growth-of-western-sydney-suburb-glebe-attracts-market-interest