Sydney property developer Terry Agnew wants more $50m for Byron Bay land
Wealthy Sydney property developer Terry Agnew wants ‘extra cash’ so has listed one of the largest parcels of industrial land in Byron Bay in more than three decades.
Wealthy Sydney property developer Terry Agnew, has put a price of more than $50m on one of the largest parcels of industrial land offered in scenic Byron Bay in more than three decades.
Mr Agnew conceded that he was selling the land fronting Ewingsdale Road, because he had a couple of deals on further south and needed the money.
“I want a bit of extra cash. I have a couple of deals in Sydney and I am having a look at commercial deals but nowhere near the CBD,” Mr Agnew told The Australian in an interview on Thursday.
The developer, who has tried and failed to offload another of his assets, Queensland’s Great Keppel Island for several years, is also developing the staged Harvest Estate residential sub division in Byron Bay on the far NSW North Coast comprising 149 lots.
The Sydney-based Mr Agnew said he had plans to build a further 90 houses on the back end of Harvest and retain them but he said the residential market in Byron had temporarily gone ‘dead’ at present.
“Byron has its ups and downs. Residential has had a slowdown but it is coming back, but with industrial there is no slowing down.
“This 59,590sqm Ewingsdale Rd site is the biggest industrial thing that has come on the market in thirty years,” Mr Agnew said.
Zoned light industrial the site could be used for multiple development projects according to the marketing agents Colliers.
“The land supply of the Northern Rivers and nearby Gold Coast industrial markets are at an all time low. This outstanding opportunity in the region’s most sought-after suburb will at last provide much needed supply for the pent up demand from occupiers looking to enter and expand within the area,” claimed Colliers marketing agent Daniel Coburn.
Colliers reckon less than 400sqm of industrial space is available for lease in Byron Bay representing a vacancy rate of about 0.1 per cent compared to the national industrial vacancy rate of 0.5 per cent as of the 2023 first quarter.
Industrial rents are achieving up to $400 sqm.
The site is being offered in one line via an expression of interest campaign closing June 6.
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