This article is from the Australian Property Journal archive
THE owners of 40 townhouses and two houses in Castle Hill are hoping for a big windfall, by putting their amalgamated development-ready site on the market.
The 20-22 Pennant Street and 17-19 Larool Crescent site in Sydney’s north-west is currently being rezoned to R4 High Density Residential in a council-led proposal, and has been earmarked as a key site in planning for the Castle Hill North Precinct.
That would see it harbour potential for a development with a gross floor area of 30,000 sqm.
Multiple vendors have taken the 11,590 sqm landholding to the market via JLL’s David Mathews, Sam Brewer and Jarrod Murphy.
It is adjacent to Castle Towers Shopping Centre and 350 metres from the future Castle Hill Train Station.
Brewer said interest from a broad purchaser pool including domestic, national and international developers is expected.
Mathews said demand is still strong for higher density housing, with developers continuing to favour sites close to transport and essential amenities.
A few kilometres closer to the CBD in Macquarie Park, apartment owners have combined en masse for the third major offering of its type in the suburb this year, hoping to cash in on developer demand after two previous deals netted more than $130 million.
The 12-14 Lachlan Avenue and 13 Cottonwood Crescent site has 33 of 36 units across two detached residential apartment buildings, on the 3,172 sqm property for sale. Its B4 Mixed Use zoning offers potential for a 12,688 sqm development on the site with a height allowance of up to 45 metres.
Savills is currently marketing the site, with the expressions of interest campaign closing in on October 5th.
Like the similar deals in the neighbourhood, it appears the offering was enabled by NSW strata title law reforms introduced late last year. They allow a property to go to market if at least 75% of its strata owners agree to sell.
Late in July, 55 owners became millionaires after selling their 5,130 sqm site at 15-21 Cottonwood Crescent to a private developer for more than $80 million. Whilst not all owners on the site keen on selling, it was a much higher proportion than 75% threshold.
That unlocked the potential of the site for a 21-storey tower of more than 23,000sqm with 270 apartments and ground floor commercial space.
The $50 million sale of 1-3 Cottonwood Crescent and 2-4 Lachlan Avenue in January was the first major deal to be landed courtesy of the laws, with 40 of the 45 apartments across two unit blocks part of the initial transaction.
Australian Property Journal
