This article is from the Australian Property Journal archive
RELIGIOUS institution, the Sisters of Mercy, has sold its property in Castle Hill in Sydney’s north west for a blockbuster $68.09 million, in one of Sydney’s largest development site sales this year.
The Marymount Mercy Centre has been acquired by Malaysian real estate developer Mulpha.
The acquisition will bolster Mulpha’s interest in Sydney’s north west corridor, where it is currently developing the 377 hectares Norwest Business Park into the suburb of Norwest with commercial, retail and residential housing.
Located at 36-56 David Road Castle Hill, the Marymount Mercy Centre occupies a 6.463-hectare site has been operated by the Sisters of Mercy Parramatta since 1965.
The land is located in one of Castle Hill’s most sought-after residential areas, close to key amenities such as schools, the Castle Towers Shopping Centre, metro stations at Castle Hill and Cherrybrook, and local village shops.
Mulpha said the acquisition will position the company to capitalise on the growing demand for high-quality residential developments in the north west corridor.
“The proposed acquisition is expected to enhance the MIB Group’s property development business in view of its strategic location and the substantial redevelopment opportunity that it provides,” the company said in a statement.
Mulpha proposes to redevelop the site into $150 million boutique luxury offering of 63 residential land lots, with an estimated total development cost of $100 million.
Construction work is expected to commence in September 2025, with the project slated for completion by mid-2026. The sale and settlement of the residential lots will then extend into 2027.
The project has existing Development Approval granted by the Hornsby Shire Council in late August 2024, with a modification on November 29, 2024.
Mulpha’s acquisition is one of the largest development site sales this year, following hot on the heels of billionaire James Packer and developer Time & Place $110 million acquisition of Marlborough House in Surry Hills last week.
Meanwhile last month Australian Property Journal reported that a major site in Double Bay changed hands for $40 million.
