Sydneys Northwest the premier choice for developers
Sydney's Northwest the premier choice for developers
| 1 March 2017
Sydney’s Northwest 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 7,545sqm site, which received inquiries 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 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 concluded 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.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.