The epicentre of north-west Sydney is shifting west. Where Castle Hill was once the focal point, the emerging suburbs of Rouse Hill and Box Hill are fast becoming the star attractions.
In this new centre of attention, there is no tradeoff between space and amenity; major projects such as the North West Metro, Rouse Hill Town Centre and the upcoming Rouse Hill Public Hospital, together with the established Norwest and Sydney Business Parks, have attracted young and affluent families.
Against this backdrop, is The Paddington at 74-74A Tallawong Road, Rouse Hill, a prime infill development site 600m from Tallawong Station and moments from shopping, dining and education.
Castle Group, a prominent Hills developer and Rouse Hill’s largest private landowner and Developer, is bringing the land subdivision site to market hot off the heels of the sale of 59 Cudgegong Road for $36 million, a record result for a 2ha medium density development—and only 300m from The Paddington.
Castle Group have lodged a development application for a 65-lot land subdivision with house designs. The 20,200 sqm medium density site with a 12m height limit is 100 per cent serviced and development ready.
“The infrastructure, open space, education options and town centre have made it the most sought-after suburb in the Hills” said Castle Group’s Director Ritchie Perera.
“As a great advocate of Sydney’s North West, and particularly Rouse Hill, I’m sad to let go of one of our prime sites, but proud of what my team and I have planned for the site.”
“Our knowledge of the market and buyer demographic has allowed us to lodge a development application for what I believe will be the most in demand product in Rouse Hill.
“Given the site is only 600m from Tallawong Metro, most developers would be putting forward an apartment or townhouse development - which the planning controls allow for. However, due to our extensive experience and intimate knowledge of the planning rules and demand profile in the area, we’ve come up with a scheme that can be more profitable and has less risk than a higher density offering.
Unlike apartments and townhouses, the developer can issue split contract house and land. This means they can exit at land registration rather than hanging around till the end of home construction. These carry the burden of additional debt, capital investment and also time in market.”
Tallawong Road, which provides access to Tallawong Metro Station, is comprised of predominately R2 zoned land, where 95 per cent of available supply is sold.
“A 300 square metre block of land is now selling for $3000+ per sqm. Last week, we sold a 318sqm block for $960,000 and that was 1.7km from the Metro Station” Perera says.
According to data from Pricefinder, the median price of a house in Rouse Hill between July 1, 2021 and September 30, 2021 was $1,415,800. During the same period, the median price of an apartment was $660,000.
‘This is reflective of a housing market with a multi-modal price distribution, with a gap in available product between $1 million and $1.3 million. It’s that undersupplied segment that The Paddington will appeal to,’ Perera said.
“The fact that virtually all the future supply on Tallawong Road will be apartments means that demand for The Paddington will be strong.”
“With 65 lots providing for 50 five bedroom houses, 10 four bedroom houses and 5 three bedroom houses, this is an offering with no peer.”
Paddington Rouse Hill will be sold via public auction on Friday 19 November 2021.
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