Pemulway development site sold for $36 million

A development site in Sydney's west has sold for more than $36 million on behalf of a Revelop property group, in partnership with Mintus Pty Ltd. 

The sale has paved way for a 30,000 square metre apartment project at the Pemulwuy site, including 300 units across eight buildings, ranging from three to five storeys.

CBRE Western Sydney's Alex Mirzaian negotiated the sale of the Butu Wargon Drive property to a local western Sydney developer on behalf of Revelop and Mintus.

Mr Mirzaian noted that, even in these uncertain times, sites with development approvals in under supplied areas would continue to transact, fuelled by the expectation of further construction industry stimulus from the NSW Government.

“Some local western Sydney buyers are looking to keep building with the view that the market will recover in the next 12 months as housing supply dries up,” Mr Mirzaian said.

The project will be the Pemulwuy area's only new multi-unit housing development in the past decade.