ASX listed Tian An Australia Limited (ASX:TIA) has purchased a sizeable site in inner west Sydney to redevelop into a residential townhouse complex.
4 Mitchell Street, Enfield comprises 12,600 square metres and currently houses an office building and warehouse.
The site borders Henley Park and Aquatic Centre.
CBRE’s Peter Vines, Victor Sheu and Nick Tuxworth sold the property for $35 million on behalf of non-profit organisation, Vision Australia.
Mr Vines said the property received 26 expressions of interest from a variety of local, national and overseas property developers.
“We were expecting around $28 million for the property but the result at $35 million further underpins the need for quality residential development sites, especially in markets with little competing stock,” Mr Vines said.
“The eventual purchaser, Tian An Australia, was attracted to 4 Mitchell Road as it offers a unique townhouse opportunity within a metro location close to established infrastructure.”
Vision Australia will stay in the property until late 2017 and is currently establishing a strategy of where to relocate. Its decision to sell was based upon its need to be closer to clients, as well as capitalising on the strong market to free up much needed capital to support its work.