NGFarah secure $17.65 million Mascot site sale

NGFarah secure $17.65 million Mascot site sale
NGFarah secure $17.65 million Mascot site sale

A site in Mascot has been sold by NGFarah for $17.65 million, their biggest sale of 2018.

NGFarah agent David Lee sold the 571-573 Gardeners Road property.

The Mascot site was a brick two-storey retail office building with rear storage yard and metal fabricated workshop, on 2,789 sqm.

There are no indication of any plans for the site that last sold at $4.4 million in 2011.

It was once Ascot Car Rental.

Recent Mascot site sales have included Raine & Horne Commercial selling 10-12 Sarah Street, some 545 sqm, for $3.64 million.

It sold to Pro-Invest Australian Hospitality Opportunity Pty Limited, which had paid $12 million a month earlier to secure 2-6 Sarah.

Earlier this year 253 Coward, a 4000 sq m located on the corner of Kent Road across from Meriton's new Mascot retail precinct, sold for $24.2 million.

It was bought by interests associated with Daniel Tartak, Mark Tartak, Daniel Girgis and Matthew Abrahamian.

The site was once owned by TNT Australia.

Mascot's biggest sale in 2018 was Meriton's $82 million acquisition of the three hectare site at 265 Coward.

Last month The Daily Telegraph reported Harry Triguboff's company had submitted a proposal for two 14-storey towers at 256 Coward St. Triguboff proposes 305 units with shops.

The developer is trying to squeeze more units into the exisiting approval obtained by the Nassif family.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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