A two-level office building in Bankstown has changed hands for a record-breaking $14.825 million, setting a new sales rate for the area based on net saleable area/gross floor area.

The property, located at 2 Jacobs Street, was sold through a highly competitive on-market Expressions of Interest campaign. It was purchased by a Bankstown owner-occupier who also acquired the neighbouring property, a two-level office building with parking, at 4-8 Jacobs Street for $11.625 million in an off-market sale. 

CBRE’s Andre Taouil and Alex Mirzaian, managed the two consecutive sales which were finalised for a combined total of $26.450 million.

Leased to Navitas, a global education provider, 2 Jacobs Street is opposite the Canterbury-Bankstown Civic Tower, the newly erected Western Sydney University Bankstown Campus and Bankstown Central Shopping Centre. It has a gross floor area of 7,491 sqm and basement parking.

The property at 4-8 Jacobs Street, has a land area of 1,847 sqm and a gross floor area of 5,541sqm. Both properties are close to Bankstown Train Station and Bankstown Tafe (subject to transformation into the new Bankstown-Lidcombe Hospital).

Mr Taouil said the groundbreaking sales highlight the strong demand for prime commercial properties in the area and the potential for further development in Bankstown CBD.

“The transactions at 2 and 4-8 Jacobs Street are a testament to the strategic planning fostered by the NSW Transport Oriented Development Program. As owners and buyers recognise the incredible potential for growth and redevelopment in Bankstown’s CBD, it’s clear that the area’s landscape is changing dramatically.

“With key projects like the Bankstown-Lidcombe Hospital, Bankstown Exchange and the completion of the WSU Campus coming to fruition, we’re witnessing the early stages of a remarkable revitalisation that will redefine Bankstown as a thriving urban hub.

“Both properties benefit from the rezoning to the Education and Medical (Eds & Meds) precinct within the Bankstown Masterplan which establishes an environment that meets the needs of residents and attracts targeted groups and business investment."

"This collaboration is likely to generate a vibrant economic landscape that supports local businesses and enhances the overall livability of the area. The transformation brewing within Bankstown CBD promises a future filled with opportunity, encouraging owner occupiers, investors and developers to capitalise on this significant transformation,” Mr Taouil noted.

Mr Mirzaian added, “These sales underscore the robust demand for quality commercial properties in Bankstown. The strategic location and development potential of these sites make them highly attractive to owner occupiers & investors. We are thrilled to have played a role in these record-breaking transactions and look forward to seeing the continued growth and transformation of Bankstown CBD.”

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