Mixed-use asset with solid income and development upside sells to offshore investor.
The Compass Centre, one of the largest assets to come on the market in the Bankstown area in many years, has sold to an offshore investor for $45million, following strong interest in the asset which has significant development upside.
Located in the heart of Bankstown, the asset consists of a six level office tower and a retail arcade of 56 specialty stores. Situated directly between Bankstown Train Station and Bankstown Central Shopping Centre, the asset has been held by the Banna Property Group for twenty years. The sale was transacted by Colliers International’s Harry Bui and James Wilson and Knight Frank’s Dominic Ong and Terry Hassan.
“This is arguably a key strategic site for the renewal of the Bankstown CBD,” said agent Harry Bui. “Given the development plans in place, we had more than 120 enquiries from both domestic and offshore developers, looking to realise the development opportunity in this site. Bankstown is one of the fastest growing areas in greater Sydney.”
Taking up an entire block, the property has four street frontages. The current scheme designed for the building is indicative of between 380-477 apartments with over 8,000sqm of retail space (subject to Council approval).
Dominic Ong, from Knight Frank said “Bankstown is set to boom over the next 20 years with expected population growth dramatically revitalising the suburb, driving it to become one of the largest regional cities of Sydney.”
Vendors, Banna Property Group, were pleased with the strategy to engage conjunction agents that could cater to interest from both the local and offshore investors and also capitalise on the strong competition for the site.