The Hills Shire Council has secured a landmark deal for the north-west with the $140 million sale of a prime residential site in the heart of the Castle Hill Town Centre.
The council has agreed to sell the site to Sydney development group Toplace after a highly competitive sale campaign, which generated international buyer interest.
Up to 800 apartments can be built on the prominent 1.42ha landholding, which is the largest consolidated site in single ownership in the Castle Hill Town Centre.
The property is situated on the corner of Old Castle Hill Road and Pennant Street, directly opposite the Castle Towers Shopping Centre.
CBRE agents Frank Oliveri, Matthew Ramsay and Ben Wicks negotiated the sale of the land, which has been billed as one of the best Transit Oriented Development opportunities in The Hills district.
The site is just 250 metres from the soon-to-be-completed Castle Hill railway station, which forms part of the NSW Government’s North West Rail project.
Mayor of The Hills Shire Council, Dr Michelle Byrne, said; “Council has been able to consolidate the site over many years, and the sale further enhances Council’s fiscal position as possibly the strongest in NSW. It opens the way for the provision of new and better infrastructure and facilities for the community in The Hills which will be envied by many other Councils.”
CBRE’s Director, Residential Development, Matt Ramsay, noted; “The Hills has seen considerable activity of late in the residential sector, with the council’s Castle Hill North Precinct plan generating a number of other sales in the area whereby home owners have clubbed together to amalgamate sought after development sites.”
Mr Ramsay added that rezoning activity in a number of other locations such as the Showground precinct would underpin a continued developer focus on The Hills region.
CBRE’s Western Sydney Managing Director Frank Oliveri said; “The completion of the North West Rail Link (NWRL), in conjunction with the council’s planning framework supporting development, will act as a catalyst for major population growth in The Hills district and spur ongoing interest in sites close to NWRL station sites.”
“Upon completion of the link, rail travel time from Castle Hill to the Sydney CBD is expected to take just 45 minutes, with CBD bound trains departing every four minutes in during peak periods,” Mr Oliveri added.
The site purchased by Toplace is predominantly a vacant site with capacity for 77,880sqm of gross floor area in 2 tower buildings up to 18 levels.
A key attraction for developers was the site’s elevated position, which provides for uninterrupted views.