Western Sydney construction company the Bathla Group has on-sold a major Kellyville site for $43.7 million in one of the suburb's largest ever property deals.
A Chinese mining company has secured the 17 Balmoral Road site in a deal negotiated by CBRE’s Alex Mirzaian.
“Bathla Group utilised their experienced in-house team to secure a development approval for 290 units after which CBRE presented the opportunity to a Chinese mining company seeking to break into the Sydney residential development market,” Mr Mirzaian said.
“This is by far one of the largest sales in Kellyville’s history and represents one of the highest prices paid per unit for a DA approved site in the area.”
Mr Mirzaian said the sale followed two months of negotiations, with Bathla Group making the decision to take an immediate profit rather than proceed with the 12-24 month project.
The high profile, 2.2ha Hills Shire Council site has an R4 High Density Residential Zoning and is 1km to Kellyville Station and 650m to Bella Vista Station.
It is within an area that has been targeted under the draft Bella Vista Station Precinct Proposal – the vision of which is to create “The Hills' premier living and business precinct”.
The proposal incorporates new public spaces including a town square opposite the station and neighbourhood parks. It is part of the Sydney Metro Northwest Priority Urban Renewal Corridor, which looks at how areas along the $8.3 billion Sydney Metro Northwest line can be revitalised.