10,000 sqm for $41k: Sydney’s mind-blowing property buy
145 – 153 Sutherland Road, Jannali, NSW 2226
A rare slice of land in southern Sydney has sold for just $3.99 per sqm, in a jawdropping sale that “will never be seen again”.
Buyer’s Agent Tas Costi of Costi Cohen has secured for a client 10,270 sqm of land in the Sutherland Shire at auction for just $41,000 – that’s around 5 per cent of the median value of a Sydney home.
Costi said the property at 145 – 153 Sutherland Road, Jannali, “presented a rare opportunity to secure a significant C2 Zoned land close to Jannali Train Station and multiple community facilities”.
The 10,270 sqm property sold for just $41,000.
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“My phone has not stopped ringing since people found out the price,” he said.
“The secret to a great buyers agent is uncovering these opportunities. If anyone knew they could buy over 10,000 sqm of land in Sydney for $41,000, the room would have been full of people bidding.
“It was knowing the agents and understanding the circumstances of the property that got our client an opportunity that will never be seen again.”
$3.99 per sqm
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The property was brought to market by Demi Carigliano, Anthony Pirrottina and Mark Litwin Knight Frank on behalf of vendor Landcom.
Auctioneer Damien Cooley opening the bidding at $10,000. Bidding went up in increments of $1000 before the hammer fell at $41,000
Costi made the buy on behalf of Revelop, an independent property development firm with a portfolio that covers the retail, residential and commercial sectors. Over 15 years, Revelop has acquired more than 80 properties and manages more than 1800 tenants.
The property could be developed as a recreational tourism location.
’Never to be seen again.’
Revelop founder and Managing Director Charbel Hazzouri said the his company was eyeing off the short term and long term potential of the property. The company is considering some recreational opportunities for the land, in accordance with its C2 Environmental Conservation zoning, such as zip line canopy tours through the forested property with established operator Treetops Adventure.
In the long term, any rezoning of the land, could result in a very lucrative gain for Revelop.
“It’s these sort of challenging properties, full of potential that we are really attracted to,” Hazzouri said.
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Buyer’s agent Tas Costi of Costi Cohen brokered the deal.
“We are hopeful that in the years to come, we can look back and say we have done something really special for that land and the area.”
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