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Sydney's Compass Centre sells for $45 million to international investor

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Sydney is still riding high on the wave of offshore investment.

The Compass Centre in Bankstown, which had been on the radar of investors with ambitious property development plans for some time, was recently sold to a Chinese developer for a healthy $45 million. It is one of the more substantial assets to become available in the local market.      

Located in the heart of the bustling suburb, between Bankstown Train Station and Bankstown Central Shopping Centre, the asset is a six storey office block with a retail arcade of 56 specialty stores.  A design scheme, which is subject to council approval, has already been proposed for a 477-apartment building and an 8000-square-metre shopping centre.

Banna Property Group owned the property for twenty years before it was sold by Knight Frank and Colliers to international investors. 

Knight Frank's Dominic Ong, who was one of the agents who sold the property, said the suburb will evolve into one of the most vibrant hubs in Sydney.   

"Bankstown is set to boom over the next 20 years with expected population growth dramatically revitalising the suburb, driving it to become one of the largest regional cities of Sydney," he commented. 

In a bid to attract commercial and residential investors the council has invested heavily in the suburb in the past 18 months. This includes a new bus and rail interchange, improvements to the Bankstown Plaza, an art centre, a new library and a knowledge centre, which attracts more than 400,000 visitors annually.

According to the council, it has received a record number of development applications worth a total of $50.22 million for Bankstown.

In 2014 private developers financed over $550 million worth of projects in the suburb and investment proposals of $200 million are currently under review by the council.

Date Published: 05 May 2015
Category: General News

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