Receivers and Managers Joseph Hansell and David McGrath, together with their NSW Real Estate Solutions lead Glen Smith of FTI Consulting, are moving to sell a major retail/residential development site in Sydney’s Hills District.
CBRE’s James Douglas, Ben Wicks and Alex Mirzaian, together with Knight Frank’s Mark Litwin, Graeme Russell and Chris Maher have been exclusively appointed to steer the on-market campaign for the 4.3ha site, which has an approved master plan for the construction of a 22,843sqm shopping centre and 660 residential apartments.
Box Hill is located 48km from the Sydney CBD within The Hills Shire local government area. This major growth area for Sydney’s north west is forecast to contribute approximately 12% of the homes needed within Sydney over the next 20 years, accommodating some 90,000 new dwellings and a population of up to 250,000 people.
The 29-31 Terry Road site provides a rare opportunity to secure a full line supermarket development opportunity with a complementary residential component.
The site also benefits from a lease commitment from leading ASX-listed supermarket operator Coles Group, with strong tenant and leasing interest having also been shown across the project’s speciality component.
CBRE’s Mr. Wicks said this was expected to generate significant interest from both traditional retail and mixed-use investors, supported by the site’s rapidly growing trade area.
“The residential market in north-west Sydney continues to demonstrate consistent growth in value, primarily driven by robust demand, reduced supply and investor activity being experienced within the macro market,” Mr. Wicks noted.
Knight Frank’s Mr. Maher added, “Town centre opportunities in Sydney growth centres are increasingly hard to acquire, particularly those that integrate the kind of residential development capable at 29-31 Terry Road. On completion, this newly built town centre retail investment becomes one of the most sought-after investments in its asset class due to its strong anchor tenant covenant, new generation build, tenant mix in a post pandemic marketplace.”