Warnervale development site sold for $6.4 million
Matrix Property has sold a development site in the Warnervale Town Centre.
This subdivision site was bought by a Hong Kong developer who has appointed a local project manager.
The 5.6 hectare residential sub-division site along Hiawatha Road has planning for up to 85 lots and incorporates over 6,000 sqm of dedicated parkland.
The property is part of the master-planned Warnervale Town Centre, one of the Central Coast's largest development and growth areas projecting 40,000 new residents over the next 20 years.
It was sold under instruction from the mortgagee for $6.4 million.
The site has 2 existing frontages via Hiawatha and Hakone Roads.
“The EOI attracted over 80 enquiries and over 8 offers as it’s a vanilla subdivision site in a major land release area” Commented Godfrey Franz – Head of Central Coast/ Hunter for Matrix Property Group, a specialist Development Site Commercial Sales Agency.
“Further the area is popular with first home buyers at lower prices hence the popularity of the offering to potential developer buyers producing housing product in the sub $700K price point”
“Despite the anxious outlook for property we are not seeing it and given the success of this campaign we are seeing many confident and cashed up developers coming back into the market ” he concluded.
