Penfield Airfield Victoria for sale $25 million

[turboplanner]

Some food for thought here:

 

They bought it in 2003 for $800,000.00, and no doubt worked very hard to build it to what it is today, with an annual income of $1 million.

 

Annual income exceeds the purchase price.........if they can do it, so can others with a similar market catchment.

 

The Property at 295 Settlement Rd Sunbury, if you want to have a look on GoogleMaps is in one of Melbourne's Green Wedge Zones, so is protected from housing development in the zone (although the ominous "Green Wedge zoning prevents it from being developed into residential lots at this stage." shows the constant pressure of developers.)

 

Its selling price at this stage equates to $94,000/acre.

 

If the Urban Growth Boundary was moved to include it (which is not likely at this stage, it would be worth about $1 million/acre greenfield Industrial or Residential, so you can see why developers attack the system to buy cheap and make a tenfold gain o a real estate company which chops it up into lots with no gardens for houses with no garages and roads too narrow to get fir trucks in, then locks up the stock, creating a land shortage and selling it off at $320,000 for a 400 square metre house block - which the current generation can't afford to buy.

 

In a nutshell this sale shows both the threats and opportunities for urban airfields.

 

Perhaps the current problems we talk about are more a lack of smart entrepreneurs and managers.

 

Sunbury airfield ready for takeoff with a cool $25 million price tag - realestate.com.au

 

 

[fly_tornado]

who would stump up $25M when developers are circling all around

 

 

[turboplanner]

A developer?

 

 

[old man emu]

$94,000 per acre !!?? That's as cheap as chips. Undeveloped land in southwest Sydney is selling for over $1,000,000 per acre.

 

Springfield Road, Catherine Field looking southeast towards Camden Valley Way.

 

 

The flag indicates Springfield Road

 

 

 

[facthunter]

Here's your chance then OME. Sydney's bubble will burst surely? Greed and panic (fear) the 2 elements of stock exchange behaviour that causes depressions to happen. Nev

 

 

[old man emu]

As soon as the honeymoon with incredibly low interest rates comes to an end, there'll be tumbleweed in the streets of southwest Sydney and the buzzards will circle overhead.

 

 

[turboplanner]

Depends on the zoning OME Penfield has been zoned Green Wedge since 1971, technically will never be a growth area where residential development is allowed, which accounts for the difference. Greenfield Industrial in a growth zone also sells for $1 million/acre.

 

 

[Frankus1aust]

Here's hoping it stays an airfield. Doesn't look promising for that sort of money. Someone knows something we don't?

 

 

[facthunter]

Maybe just selling something that isn't going that far. Some buy things like this and then try to get it rezoned. It's a fair way out of Sunbury to build little boxes, at this stage. . What can an airport get without pricing everyone there off it.? You can't fly very high there without infringing control area.. Nev

 

 

[storchy neil]

I was learning at penfeild feb feb 05 had the pleasure of meeting the previous owner mr penny what a interesting man he was

 

terry Otway was my instructor rip young fella neil

 

 

[Yenn]

Is it not going to be affected by one of the proposed new Sydney airports, if they ever happen.

 

 

[turboplanner]

Is it not going to be affected by one of the proposed new Sydney airports, if they ever happen.

Only if they extend their runways.