Vacant lot sells for $20m
A vacant lot in Sydney’s northwest has sold for almost $20m to an owner-occupier.
A vacant lot in Sydney’s northwest has sold for almost $20m to an owner-occupier, intent on growing their fledgling business.
Tas Costi of Costi Cohen brokered the deal for the 10,200 sqm lot in Bella Vista on behalf of Elite Supplements who were looking to relocate from Canberra to Sydney in order to expand their business.
The property was one of the few remaining lots in the sought-after Norwest precinct and includes 86m frontage to Lexington Drive.
Elite Supplements, who say they are Australia’s fastest growing supplement company, is set to transform the land into a warehouse to distribute their nutritional supplements.
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The property is one of the final available lost in the Norwest precinct. Picture: realcommercial.com.au
Last year, the company become a sleeve sponsor of A-League outfit Brisbane Roar.
“Elite Supplements required the increased space to service strong growth and a move into the Asian and Pacific markets,” Costi said.
“The company is excited to bring a state-of-the-art warehouse to the Castle Hill Council.”
The land was sold by Colliers Paul McGlynn.
“This is a third purchase we have secured for the client and one of the last lots in Norwest,” Costi continued.
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Elite supplements will relocate from Sydney to Canberra and build a new warehouse on the site.
“The owner was asking for $25m in the original campaign, which Costi Cohen negotiated down to $19.9m. It represents a premium location within very proximity to key infrastructure including the Bella Vista Metro Station, M2 & M7 Motorways & Bus Transit Way.”
The property at 21-23 Lexington Drive, Bella Vista, NSW 2153 was marketed as a “Rare Norwest Business Park Land Holding”.
“This significant and strategic opportunity represents one of the last opportunities to acquire a vacant land holding within the globally acclaimed Norwest Business Park,” the listing read.
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Domenic Giampaolo (l and Miki Giampaolo of Elite Supplements. Picture: Supplied
“The highly flexible zoning permits a broad range of uses including industrial, data centres, commercial, serviced apartments, medical facilities, recreational and community centres enabling a range of development outcomes on this blank canvass.”
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