Norwest Apartment Development Site Sold13 January 2020
The completion of the North West Metro in Sydney continues to generate interest from Developers with a 370 apartment project selling for $44.5m ($120,270/unit).
The site is located at 7 Maitland Place, Baulkham Hills, on the northern periphery of the Norwest Business Park within the Hills Shire local government area. Norwest Business Park is situated approximately 30 kilometres north-west of the Sydney Central Business District (Sydney CBD) and approximately 12 km north-west of the Parramatta Central Business District (Parramatta CBD).
The site has an area of 17,390sqm and currently accommodates a warehouse development and two (2) storey offices with a gross floor area of 7,400sqm.
The vendor, Mailtand Square Holdings (a company associated with Boyuan Holdings) acquired the property (along with 2 Maitland Place) in mid 2015 and submitted a Development Application in October that year to;
- Rezone part of the existing B7- Business Park zoned land to R4- High Density Residential (to match adjoining R4- High Density Residential zoned land to the west);
- Amend the maximum Floor Space Ratio from 1:1 to 3.11:1
- Amend the maximum Building Height for the site to facilitate a height of RL 169 m (as relevant to the tallest trophy building, being at 25 storeys).
In March 2016, Council approved a scheme and entered into a VPA with the Developer to facilitate the project including the construction of a link road (circa $2m), the dedication of the road reserve land to Council and the provision of a contribution of approx $5.2m.
The purchaser is a company associated with Chinese developer / investor, Haitchin.