Land Seized from Dirty-Money Gang Hits Market

A vast swathe of rural land is about to hit the market in Sydney’s south-west. 

The 359ha amalgamated site at 690-950 Cawdor Road and 420 Old Razorback Road at Cawdor, 70km south-west of the Sydney CBD, is close to the planned M9 motorway orbital and was acquired for $53.5 million by Golden Capital Commercial Logistics Pty Ltd in September last year.

KPMG partner Ryan Eagle said he was acting as mortgagee in possession for this landholding after it was seized in the Australian Federal Police raid as part of Operation Avarus-Midas, an international money laundering investigation. 

In February the AFP charged nine members of an international $10-billion money laundering organisation and restrained more than $150 million in Sydney property, cash and luxury items, including the Cawdor site. One member of the group charged, Steven Xin, is the former business partner of fallen global casino industry tycoon Alvin Chau.

The Urban Developer understands that the Cawdor site is the only property currently being sold.

Other properties on the syndicate’s portfolio included a $22-million St Leonards tower, and a $21-million five-storey property near Pitt Street Mall and two luxury properties at Vaucluse and Bellevue Hill in Sydney’s east. 

The AFP alleged the group enabled multiple transnational serious and organised crime (TSOC) groups to launder funds derived from criminal activities.

It was alleged the group laundered more than $150 million of their own profits from this enterprise, between 2018 and 2022.

The AFP was contacted for further detail on the legal proceedings but had not responded at the time of publication. 

The seven contiguous plots of land are zoned both RU1 and RU2 and subject to council approval could be turned into a masterplanned community. 

The existing zoning is for agriculture and rural industries, cemeteries and education and the amalgamated site is being marketed as “one of the largest aggregated land holdings offered to market in 2023” according to Colliers agent Matthew Meynell. 

“Sites of this scale are scarce in such close proximity to the Sydney, Liverpool and Parramatta CBDs, providing an opportunity like no other,” Colliers’ Nick Estephen said.