A major development site in Northwest Sydney’s Castle Hill, involving eight amalgamated detached dwellings, was recently sold to a local private developer.
The Expression of Interest campaign for the 7,545 square metre site was reportedly a hotly contested one, receiving inquiries from major international developers before finally falling into local hands.
CBRE declined to comment on the sale price of the site.
Located on Middleton Avenue, Fishburn Crescent and Sexton Avenue, the site titled ‘Premier’ benefits from future R4 High Density Residential zoning, allowing a potential development height of up to 40 metres. The property has been earmarked for a high density residential development comprising up to 250 units.
The site is located in the heart of Castle Hill’s Showground Station precinct, which forms a key part of the NSW Government’s Sydney Metro Northwest project.
It offers a prime position just 80 metres from the planned Showground Station precinct and train station, with triple street frontage allowing access to a basement carpark.
CBRE’s Richard Gell said the site’s position in Sydney’s bourgeoning north-west was a key selling factor.
“The Castle Hill residential apartment market continues to perform well, so we expected to see significant interest in Premier. Strong sales prices and sale rates have recently been achieved for off the plan apartment sales due to low supply levels,” Mr Gell said.
“Castle Hill’s proximity to the Norwest Business Park, Castle Towers shopping centre, reputable schools and transport hubs makes for a strong residential market and as a result – a secure investment opportunity for the purchaser.”
Mr Gell said Premier was ideally positioned and benefited from the market’s upswing.
Construction of the Showground Station precinct is forecasted for completion by late 2018. The precinct will comprise the Showground train station, residential apartments, shops, cafes and office buildings.