Strathfield Golf Club sells off land and secures the club’s future.
Two parcels of development land, totalling 20,239sqm, have been sold by Strathfield Golf Club to Metro Property Development in a joint venture investment with Alceon, for $52,500,000, with plans for 310 apartments and townhouses to be built on the site in Sydney’s exclusive inner-west.
The site, at 84 Centenary Drive Strathfield, was sold by Guillaume Volz and Sam Williams of Colliers International.
“Land supply in Sydney’s inner west is extraordinarily low,” said Mr Volz. “Coupled with all the amenity and liveability that the area provides means that values have risen consistently over the last 10 years and new apartment releases will continue to excel.”
The site benefits from excellent transportation links and access to major arterial roads, and is in close proximity to multiple educational facilities including highly regarded private schools and universities. Major shopping and retail precincts are close by, including Strathfield Shopping Plaza, Westfield Burwood, Flemington Markets, Homebush DFO and Chullora Marketplace.
The rare north-facing aspect, overlooking the lush green and leafy golf course, offers a prestige to the site that adds further appeal to the opportunity.
“The site’s unique nature provides unparalleled north facing golf course views that are extremely and provide the perfect canvas for an outstanding residential development,” said agent Sam Williams of Colliers International.
Strathfield Golf Club recently had the site re-zoned the practice fairway, clubhouse and car park area with the result allowing them to pay down existing debt, deliver a new club house and have funds available to secure their financial future.
“The opportunity to rezone this parcel of land and secure our financial future was overwhelmingly supported by our membership,” said Neil Hardy, General Manager of Strathfield Golf Club. “We are delighted with the result and the assistance of Colliers International in securing a terrific outcome for the club. The funds will allow Strathfield Golf Club to refurbish the course to Group 1 status, provide a modern club house state of the art facilities for members and guests.”
“The sale was well contested by offshore developers and local buyers, with the result demonstrating the confidence in the Sydney residential development market that has shown continued strength into 2015,” said Mr Volz. “The Colliers International Residential team has now sold close to $2.5billion in site sales in the last two years. The strong interest we had in this site, despite the fact that development approval is still required, indicates confidence in the residential off the plan sales market will continue well into the future. Several more major sites will come to market this year.”