This article is from the Australian Property Journal archive
THE perception of safety within the townhouses market has prompted Northland Group to snap up a 4,864 sqm development site in Castle Hill for $9.025 million before auction.
JLL’s Dylan McEvoy and Ben Hunter sold the Hills district property in Sydney’s north-western suburbs at 10-16 Cecil Avenue on behalf of a private vendor.
It sold with approval for 22 houses and potential to start works on the project within a short time frame.
McEvoy said the property received four pre-auction offers and saw strong interest from a variety of different buyers, including major Asian developers, builder/developers, and local private groups.
“Townhouse style developments in Castle Hill appear to have overtaken apartments in their appeal to buyers, as the perception is that it is a non-competing product and a safer prospect.
“Castle Hill has proven to be a strong location to build in for developers due to the significant amount of population growth, infrastructure upgrades and immediate access to amenities home owners tend to look for when buying off-the-plan homes,” he said.
The site is within walking distance to Castle Towers Shopping Centre and one kilometre from the future Castle Hill train station.
A short trip up Showground Road, the New South Wales government’s land and property developer put 1-5 Carrington Road site to the market last month as part of its program to sell off 50 plots of state-owned land to developers to increase housing supply through Sydney’s north-west.
The Carrington Road site is being offered with plans for 1,600 homes and 10,000 sqm of retail and commercial space.
Marketing has started for Rouse Hill properties of 33.5 hectares at 285-297 Annangrove Road, expected to fetch $200 million, and of 4.3 hectares at 75-81 Schofields Road for Landcom.
Meanwhile, Chinese-backed Poly Australia has made its second purchase in Rouse Hill in quick succession, having emerged last week as the buyer of a 3.68-hectare site from retirement community operator Ingenia at 51 Terry Road for $22.9 million.
It has just paid around $17 million for a 2.8-hectare property on the corner of Cudgegong Road and Macquarie Road, on which it intends to build around 90 three and four-bedroom townhouses.
Australian Property Journal
