John Sidoti $6 million winner from metro announcement
John Sidoti’s family’s Five Dock property was already set to make $30 million, now a new Metro station just metres from the former sports minister’s site could deliver another $6 million.
NSW
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A new Metro West station will be built just metres from former sports minister John Sidoti’s Five Dock land holdings, potentially delivering a further $6 million in value on a site estimated to be worth $30 million after being redeveloped.
Premier Gladys Berejiklian was spotted at a Sydney cafe with Mr Sidoti and upper house president John Ajaka yesterday after the Metro announcement.
One senior source said the meeting was a “welfare check” for Mr Sitodi. Mr Ajaka said it was “a quick bite to eat”, on the invitation of the Premier.
The announcement by the state government comes as The Daily Telegraph can reveal a vendor of one of the properties on the main street now owned by the Sidoti family has confirmed the sale was the result of an unsolicited approach and the property was not on the market.
“It wasn’t on the market,” the previous owner Philip Previte said of the 2016 sale to Deveme.
The property at 122 Great North Rd is one of four adjoining holdings Mr Sidoti’s family own in Five Dock and are seeking approval to turn into 20 units and a duplex.
A valuer said the station location could lift values by a further 20 per cent.
Opposition leader Jodi McKay said Mr Sidoti was the “big winner” from the Metro announcement.
Mr Sidoti declined to answer questions about the Five Dock purchases. “I would not want to jeopardise the ICAC preliminary assessment currently underway. I respect the process.”