French construction group Saint-Gobain has sold a large industrial site in Sydney’s west to the Goodman Group for A$575m (€320m).
The site is part of Saint-Gobain-owned CSR’s property assets, valued at least A$1.3bn, that was identified as monetisable in the medium term by the Paris-based company at the time of its acquisition of CSR in July 2024. It is located within the precinct of the soon-to-completed Western Sydney Airport at Badgerys Creek, in the outskirts of Sydney.
Greg Goodman, group chief executive of the Goodman Group, said: “It’s the right price and it is a big site. We like the infrastructure out there. We have developed A$6bn to A$7bn worth of projects with our partners in the area.”
Goodman said those projects were close to being fully leased.
He said: “We’ve got a lot of land sitting on our own balance sheet at a historic cost. It’s pretty hard to go out and buy too much, to be honest. We’ve seen what’s happened with Western Sydney land values, that’s why we’re pretty happy to pick up that site.
“Land values had appreciated because of Sydney’s second airport. We have a wealth of opportunity within what we already own, which is great.”
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