Sydney’s north-west continues to receive substantial interest from the residential development market, confirmed by the sale of a major Castle Hill development site which involves eight amalgamated detached dwellings.
CBRE’s Matthew Ramsay, Ben Wicks, Richard Gell and Alex Mirzaian steered the competitive Expression of Interest campaign for the 7,545-square-metre site, which received enquiries from major local and international developers.
CBRE confirmed the property had been sold to a local developer.
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.
Mr Gell said the site’s position in Sydney’s burgeoning 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.”
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.