Western Sydney asset for a developer with Vision

Not-for-profit group Vision Australia is offloading its headquarters in Sydney, with developers expected to circle the substantial parcel of land.

The property at Enfield in the city’s inner west comprises eight buildings with total floor space of more than 8300sqm, and sits on a 12,600sqm tract of land.

It currently houses Vision Australia’s New South Wales head office, which includes offices and administrative space, a library, warehousing, a cafeteria and on-site parking.

CBRE’s Peter Vines, Victor Sheu and Nick Tuxworth are marketing the property, which is for sale via expressions of interest.

Vines says the property’s zoning is advantageous and lends it to a variety of potential future uses.

“The scale and position of this property in Sydney’s inner west is expected to attract significant buyer interest from both local and offshore groups looking for re-adaptive use such as education, health or aged care,” Vines says.

Vision Australia’s headquarters sit alongside Henley Park.

“Fronting Henley Park – one of the largest council parks in the area – this property also holds significant potential for residential redevelopment, with it well positioned to capitalise on the surrounding area’s strong population growth.”

With Enfield’s median house price soaring to $1.5 million, up from $800,000 just two years ago, developers are tipped to figure prominently amongst interested buyers.

“Sydney’s inner west has undergone a period of strong capital growth, underpinned by sustained high levels of interest from owner-occupiers, local and foreign investors in a historically low interest rate environment,” Vines says.

“A landholding of this size is likely to attract strong interest from developers looking to reposition it for greater value return.”