NSW $ Billion Site sells for Chicken feed

For over 2 years the Rural Press Site site between Kurmond and North Richmond has been for sale for offers over $120 million. It is over 1040 acres and preliminary approvals were given for two schools, a shopping centre, thousands of housing blocks and all the associated infrastructure.
Many offers of $90 million and over were rejected by the family members and it appeared it would not sell, lately the property was removed from the market. I’m not too sure how high the highest offers were, but I was familiar with the $90 million offer.

In the last month we find that the property was sold off the market, by a court appointed nominee after one family member realised the family could not agree on a price. The nominee was given a date to sell by, the property wasn’t marketed as a site of this magnitude should have been, allowing A private Real Estate Developer family the opportunity to pick it up for $60 million. The family recently sold what remained of The Gables for $500 million to Stockland.

This is outer Western Sydney land, not woop woop by our standards. Vacant blocks in the area are currently fetching about $450,000 each.

 

I suspect its expansion of the Redbank estate. The demand for sites is very high.

Redbank Communities is owned by IMA, a Australian company largely led by the former founders of PRD Nationwide. Brothers Archie & Douglas Gordon.
I suspect its $60m + earn out rights on the future site. Nobody would be getting a discount

 

Wow.. that is a bargain deal.

 

No, nothing to do with Redbank but adjoins this site. As hinted at in the title its The Chicken growing Family that bought it. The selling family had no say in pricing, as it was a court order. The nominee had only one offer as no one knew it was for sale. I assure you it was a set price, as many people offered trailing commissions but the Family wasn’t interested in these beforehand. The court would not accept anything but a straight cash purchase.
I believe the land was owned by surviving members of the Fairfax family.

 

Cash - That explains the low price. Zero risk sale. And could be less if GST is involved.

Its like when a developer knocks on your door. I want to buy your land for units. If you want cash the price will be somewhat less than a deferred option.