A substantial DA-approved residential subdivision site at 2 Harkness Road, Oakville has sold for $14.5 million following a competitive Expressions of Interest campaign.
Located within Sydney’s North West growth corridor, the 20,234 sqm site benefits from development approval for a 51-lot Torrens title residential subdivision, representing an approximate sale rate of $284,000 per approved lot.
The property was sold by Silverstone Project Seven Pty Limited while the purchaser was undisclosed.
CBRE’s Ray Ahsan and Lord Darkoh negotiated the transaction with contracts exchanged unconditionally this week.
The campaign was conducted against a backdrop of increasingly selective developer acquisition activity, with development costs, funding requirements and pressure on project margins continuing to influence land acquisition decisions across Western Sydney.
Mr Ahsan said the transaction reflected a broader shift in how developers were assessing residential land opportunities, with greater emphasis on feasibility, capital efficiency and execution certainty.
“Developers are becoming increasingly disciplined in how they assess opportunities, particularly around project margins, funding costs and capital deployment. We recognised early that a conventional sales process alone would not necessarily capture the full depth of the market. By introducing alternative transaction structures, including lot retention and deferred payment arrangements aligned with the site’s three-stage development, we were able to accommodate different acquisition strategies and capital structures while broadening the buyer pool.”
Mr Ahsan said the result demonstrated the importance of aligning transaction structures with developers’ commercial requirements without compromising the vendor’s objectives.
“The $14.5 million unconditional exchange reinforces that demand remains for quality, DA-approved development opportunities where the underlying feasibility and transaction terms align. Developers are increasingly focused on funding commitments, project feasibility and risk across their broader pipelines.
“Our approach was to understand those requirements and structure the campaign accordingly, creating competition while delivering certainty for our client. Ultimately, achieving the best outcome is not simply about identifying the right purchaser, but understanding how to structure a transaction that allows them to compete.”
Mr Darkoh said the campaign attracted strong interest from developers seeking residential land opportunities across Western Sydney.
“We received strong interest throughout the campaign, reflecting continued demand for well-located residential development sites. Opportunities with development and SWC approvals already in place continue to attract significant attention, particularly from groups seeking to accelerate project delivery and reduce planning risk.”
Mr Darkoh added: “We’re pleased to have achieved an unconditional exchange for our client following a competitive sales campaign. Despite current market conditions, there remains an active pool of developers seeking quality opportunities across Western Sydney, and we expect demand for well-located development sites to remain solid as the region continues to grow.”
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