Raine & Horne helps Aboriginal Council put southern Sydney site on the market
A 15-hectare site owned by the Gandangara Local Aboriginal Land Council in southern Sydney is on the market and is expected to fetch at least $45 million.
Raine & Horne Commercial is managing the sale of the land in Sutherland Shire through expressions of interest.
The site has a pending development application and has roused the interest of local, interstate and overseas developers, according to an article in Urban Developer.
Anthony Bouteris, co-principal of Raine & Horne Commercial Sutherland Shire, said the land is expected to realise $45 million or more.
Gandangara Local Aboriginal Land Council CEO Paul Newman said the Land Council’s Board decided to put the 15-hectare subdivision at Barden Ridge on the market to fund its business through divesting some of its land.
“We will use the proceeds from the sale to help finance our community housing, cultural and heritage programs. We also operate a community transport service to support older members of the local Aboriginal and non-Aboriginal communities,” said Newman.
“We are also the only Aboriginal Land Council who operates a privately owned medical centre in Australia and the proceeds from the sale of the Barden Ridge property will support these services,” said Paul.
The gross realisation of the site is estimated to be about $105 – $110 million, according to Raine & Horne’s Bouteris.
