Future of SOMA Lifestyle precinct uncertain

One of the region’s biggest development projects is facing an uncertain future, with a large portion of the approved SOMA Lifestyle precinct in Gregory Hills hitting the market.

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One of the region’s biggest development projects is facing an uncertain future, with a large portion of the approved SOMA Lifestyle precinct in Gregory Hills recently put on the market.

The 4ha site, bordering Gregory Hills Drive and between SOMA Wellness and the future Camden Medical Campus private hospital, has been listed for sale by CBRE.

The Gregory Hills Corporate Park-owned site was approved for a large format retail centre and cinema complex in 2017.

An artist’s impression of the entire SOMA Lifestyle precinct.

There are price expectations of more than $20 million for the prime piece of real estate.

CBRE’s Peter Vines and Nick Willis have been appointed to sell the site and expect it to attract strong interest.

“It is extremely rare for a landholding of this nature — scale, location and development

approval — to come on to the market, which will fuel strong buyer interest from owner occupiers, industrial and retail developers,” Mr Vines said.

“While the site has an existing DA in place for a large format retail centre, the flexible B5 zoning, coupled with the strength of the industrial market, will also attract interest from developers and investors that will value in other uses.”

The 4.1ha Gregory Hills site has been listed for sale by CBRE.

Mr Willis said the region was “under-serviced” in superior retail developments.

“This precinct is positioned and designed to be the next premier Sydney lifestyle and large format retail destination,” he said.

There have been earthworks and the installation of services on the site in recent months.

Gregory Hills Corporate Park director Satwant Calais told the Chronicle earlier this year that SOMA Lifestyle would cater for the entire Camden and Campbelltown areas.

“The design of SOMA Lifestyle will be totally different to anything else in the marketplace,” Mr Calais said. “It will be a destination in its own right.

“We are going to make it a very family-friendly environment, with an amazing eat street and children’s playgrounds.”

A spokesman for Gregory Hills Corporate Park declined to comment on the sale.