A development approved site in Sydney's southwest will test demand for fringe city assets as it comes to market with price guidance around the $40 million mark.
The owners, a private company led by Galeb Kilzi, are looking to offload the site located at 28 Elizabeth Street in Liverpool.
The owner secured development approval for a new precinct with maximum gross floor area up to 36,090sq m and a flexible zoning allowing for a variety of uses including office, retail, hotel, aged care and residential.
The site, dubbed Elizabeth Place, sits on a prime corner location opposite Westfield Liverpool and Western Sydney University and within walking distance from Liverpool Hospital and Liverpool Railway station.
The existing proposal, designed by Mosca Pserras Architects, envisages an A-grade office tower in anticipation for an additional 121,000 residents expected in the area by 2036.
The Western Sydney Airport, which is due to open there in 2026, will also create an estimated 28,000 jobs in the area.
“Elizabeth Place represents a rare opportunity to capitalise on the enormous growth of South West Sydney benefitting from one of the fastest-growing Local Government areas in Australia,” Colliers investment services director Harry Bui said.
“The impending construction of Western Sydney’s brand-new Nancy-Bird Walton International Airport at Badgerys Creek, Liverpool will become a thriving hub of activity as it transforms into a modern metropolis.”
Nearby, Sydney developer Mackycorp is set to go ahead with the construction of Liverpool's biggest A-grade office tower, a $210 million development which will offer 25,000 square metres.
The 23-storey tower, located on the corner of Bigge Street and Scott Street in Liverpool, will also offer a retail laneway known as The Stables and provide 1,200sq m of civic space.
The University of Wollongong also called for expressions of interest in October 2019 to create a new campus in the Liverpool CBD to accommodate 7,000 students across 30,000sq m by 2030.