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Ray White’s Peter Vines anticipates more commercial receivership sales will return to the market.
The managing director has been appointed the task of selling a west Sydney property by receivers and managers Alan Walker and Andre Lakomy of Cor Cordis.
The 11,550-square-metre property is zoned R2 and has received development approval for 29 subdivision blocks.
However, a slowdown in the residential housing market across Sydney has seen this project stall.
Nonetheless, Mr Vines expects there to be keen interest in this property, especially since it is DA approved.
RP Data shows the property was purchased in April 2015 for $5.3 million, and it is expected to sell at auction next month above $4 million.
“I believe there may be more sales of this nature coming in the residential development space outside core markets,” Mr Vines said.
“This is because of high interest levels on land that’s not producing a return, they’re often struggling to get DA approvals for, and because there’s a lack of pre-sale commitments.
“People have paid large sums of money for some of these projects, and unfortunately, the retail value of the land has gone backwards, which makes development unfeasible.”
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