Prime development site in Sydney s north west sold

Prime development site in Sydney’s north west soldThe largest consolidated site in Castle Hill’s town centre, billed as ‘one of Sydney’s best transit oriented development opportunities’ will be transformed into a 800-unit residential complex after being snapped up by Sydney developer Toplace for $140 million.The Hills Shire Council sold the site after a highly competitive sale campaign, which generated international buyer interest.Up to 800 apartments can be built on the prominent 1.42ha landholding, situated on the corner of Old Castle Hill Road and Pennant Street, and directly opposite the Castle Towers Shopping Centre.The predominantly vacant site is just 2 metres from the soon-to-be-completed Castle Hill railway station, which forms part of the NSW Government’s North West Rail project. The site has the capacity for 77,880 sqm of gross floor area in two tower buildings up to 18 levels. A key attraction for developers was the site’s elevated position, which provides for uninterrupted views.”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,” says Mayor of the Hills Shire Council, Dr Michelle Byrne.The sale opens up possibilities for “new and better infrastructure and facilities for the community in The Hills which will be envied by many other Councils,” Byrne adds.CBRE agents Frank Oliveri, Matthew Ramsay and Ben Wicks negotiated the sale of the land.Ramsay says the Hills district has seen “considerable activity of late” in the residential sector, with rezoning activity expected to underpin further growth.