Developer buys heritage-listed Homebush house for more than $3 million
A heritage-listed house in Homebush has sold for $3,125,000. Photo: Supplied

Developer buys heritage-listed Homebush house for more than $3 million

A developer has splashed more than $3 million on a house in Homebush that has a heritage order preventing its demolition.

The seven-bedroom house owned by the state government and formerly used as a Railcorp office has been sold at auction on Wednesday by Colliers International for $3,125,000.

Described by Property NSW as a “surplus residential property”, the 758-square-metre corner block occupies a prime site just 100 metres from Homebush railway station.

It is in an area zoned high-density residential that has seen increasing development in recent years.

But an existing heritage listing on the house could stand in the way of any future development.

“The house can’t be destroyed,” listing agent Harry Bui of Colliers International confirmed.

Any future development would have to incorporate the existing house, built in 1912, into the design – with potential to build above the house, he said.

The buyer, a local Homebush developer, plans to use the premises as offices, treating the purchase as a long-term hold, Mr Bui said.

A Jetts Fitness tenanted investment in Forestville sold at the Colliers auction. Photo: Supplied A tenanted building in Forestville sold for $3 million at the Colliers auction. Photo: Supplied

The property was used by state transit authority Railcorp as a local office before being vacated more than a year ago.

Mr Bui said the property received almost 80 inquiries from a “mix of developers, owner occupiers and investors”.

The single-storey brick house features seven bedrooms or offices, three living areas, a kitchen area, separate bathroom and toilets.

The median house price in Homebush is $2.1 million, according to Domain Group data.

The Homebush property was one of four to go under the hammer during Colliers International’s last Sydney auction for 2016, presided over by Damien Cooley, from Cooley Auctions.

A brand new service station and fast food restaurant sold for over $9 m. Photo Supplied A new service station and fast food restaurant in Noosaville sold for $9.3 million. Photo Supplied

Other highlights included the $9.3 million sale of a new service station and fast food restaurant in Noosaville, Queensland, with 15-year leases to KFC and 7-Eleven in place.

The site forms part of a larger complex incorporating Jax Tyres and Repco, with leases to commence in December 2016.

The result is indicative of a 5.59 per cent yield.

Mr Bui confirmed that the service station was purchased by a Canberra-based investor, having been sold by a Brisbane-based investor.

“We received over 70 inquiries and had six bidders,” Mr Bui said.

A gym in The Centre shopping complex in Forestville, in Sydney’s north, anchored by a Coles supermarket, and leased to gym operator Jetts Fitness sold for $3 million.

The freehold block of 366 square metres provides for mixed-use development and has a seven-year lease with two seven-year options.

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