A residential development site in a premium position within the rezoned Box Hill precinct of Sydney’s North West, which was rezoned from rural to urban land, is up for sale.
The 17.28-hectare greenfield site at 16 Terry Road is expected to yield circa 240 residential lots, ranging in size from approximately 250sq m to 604sq m. It is zoned to support a range of residential offerings, including detached dwellings, townhouses and apartments.
The property sits in between significant amenity, including the Box Hill Square development currently underway on Terry Road, which is just 500 metres down the road, and the Carmel Village Shopping Centre, just two kilometres away.
The Box Hill Square project is a major $600 million mixed-use town centre development currently estimated to open in 2028. Upon completion it will have a 30,000sq m footprint featuring a full line Coles supermarket, 660 apartments, lifestyle amenity including a dining hub, pool and pocket parks, community services and parking, as well as being a transport hub.
16 Terry Road is being sold via an Expressions of Interest campaign run by Knight Frank agents Mark Litwin and Jeff Moxham on behalf of Andy Scott and Daniel Walley as Joint and Several Receivers and Managers from Teneo.
Mr Litwin said the development site was a blue-chip offering in the premium growth corridor market of Box Hill, situated 42 kilometres northwest of the Sydney CBD.
“We expect interest to come from local, national and international buyers during the campaign,” he said.
“Notwithstanding the global climate and recent rate movement, this is an extremely rare offering due to its scale and position in the Box Hill marketplace. It’s gold dust for metropolitan Sydney
“The ability to curate and produce circa 240 lots is limited to a small handful of sites in the Northwest now. The planning and zoning are in place, so a developer simply needs to submit their complying DA to access the pipeline.
“The appointment of the receivers in this offering is a material shift to allow the property to move into another set of capable hands for delivery, with a clear pathway to transact.”
Mr Moxham said the development site was in an emerging lifestyle precinct with future growth set to underpin demand for housing.
“As a vital precinct within the North West Priority Growth Area, Box Hill benefits from ongoing investment in transport infrastructure, amenity, education and employment opportunities.
“It has moved from strength to strength over the last decade, and the ongoing development of Box Hill Square delivers the final major piece of amenity and lifestyle to complete the suburb.
“The convenient location of this Terry Road site in proximity to local amenity and parks will make it a highly sought after location for completed homes from the broader demographic, from young families to professional couples looking to be close to infrastructure.”
Box Hill has provided numerous successful offerings to the market, including developments such as The Gables and The Hills of Carmel. These master planned communities have had significant success and contributed to the establishment of the Box Hill as an emerging suburb within the North West.
Upon completion the precinct itself will be home to up to 9,600 new dwellings, and 133ha of employment lands expected to deliver close to 16,000 new jobs.
The Expressions of Interest campaign for the property will close at 4pm on August 12.
Related Articles
