Australian Property Developer Gibb Group has acquired a 9.4 hectare parcel of land at Gregory Hills in South West Sydney, as it continues to grow its Industrial land holdings in the Sydney Metropolitan area.
Located on the border of the recently developed small lot subdivision of Gregory Hills Industrial Estate and between the well-known Smeaton Grange industrial precinct and Gregory Hills Large Format Retail precinct, the site provides great connectivity being in close proximity to the M5 and M7 Motorways.
National Development Director– Matthew Thiselton said: “The acquisition is in line with our strategy to develop small to medium size lot subdivisions to meet the demand from buyers or tenants looking to secure industrial property within the South West market. We identified that this was a gap in the market with limited supply currently on offer.”
This new development will offer new employment opportunities for Camden, one of Australia’s fastest growing LGA’s, currently home to approximately 122,926(1) people. The local government expects the population to rise in excess of 233,950 by 2036(2). Over the next 15 years, it is estimated there will be demand for an additional 49,625 dwellings within the Camden LGA(2).
Mr. Thiselton said: “the planned development will feed the growing demand from Owner Occupiers and tenants looking to design and construct buildings between 1,200sqm to 6,000sqm. The future occupants within the industrial estate will benefit from a high level of existing social infrastructure, including several residential communities, large day care centres, the Gregory Hills Hotel, Soma Wellness, indoor leisure complexes, various retail, food and beverage outlets and the planned private hospital.”
The selling agent responsible for brokering this major land sale to Gibb Group was Paul Mileto from Link Property Services. Paul said this acquisition will give Gibb Group the opportunity to develop one of the last small to medium lot subdivisions in the South West industrial precinct for many years to come, with the majority of land sales of this size being purchased by institutional property funds with a mandate to build large scale bulk warehousing for leasing purposes to drive their funds management businesses.
(1): ID Community
Source: Press Release