Blacktown police station bought by Sydney rich listers

It was hailed as one of the safest investments in Sydney — and Blacktown Police Station has now been sold for almost $17 million to a Sydney billionaire and his son.

Blacktown Police Station.

One of Sydney’s wealthiest families has locked up NSW Police as a tenant.

The Daily Telegraph understands billionaire Paul Tieck and his son Jason have bought Blacktown police station for almost $17 million through their private company Moorgate Investments.

Mainstays of Sydney rich lists for decades despite their low public profile, the Tiecks fortune has its roots in the former Franklins supermarket chain, acquired by Paul’s late father Norman in 1954.

Blacktown Police Station.

Commercial real estate heavyweights CBRE handled the sale but declined to confirm the identity of the purchaser, saying only “a private investor” had sealed the deal.

Describing it as one of the “safest investments” they had taken to market, one of the CBRE agents Lord Darkoh confirmed the cop shop returned more than $822,000 in annual rent on a long-term lease.

He said the station had attracted significant interest including from offshore groups, with interested Korean investors flying to Sydney for a first-hand inspection.

“Most of the potential buyers were not surprisingly attracted by the tenant,” Mr Darkoh added.

“It’s a sale that shows how blue-chip property, with government paying the rent, is increasingly viewed as a safe haven.”

Blacktown Police station sold for almost $17 million

While the previous owner was a retired doctor, any new purchaser faced police vetting, including security checks on all directors of any interested companies.

“That’s all been done and the sale cleared to settle,” Mr Darkoh said.

“This is a pretty unique sale because Blacktown police station has been there for 40-plus years.”

The police station sits on a 952sqm block.