An opportunity to jointly masterplan, develop and co-own a major retail/mixed-use project in Rouse Hill is being offered to the market on behalf of ABAX Contracting.
CBRE’s James Douglas and Ben Hunter have been appointed to manage the Expressions of Interest campaign for The Hills Hub development – providing an opportunity to secure a foothold within the NSW Government’s North West Growth Area.
The 60,700sqm site has a favourable B6 zoning, with an LEP gazetted additional permitted use to accommodate 60,000sqm of specialised retail premises, encompassing large format retail through to office space, traditional retail, medical uses, food & beverage and childcare.
There is also an existing, approved development application and construction certificate for a first stage, with concept approval to develop a gross lettable area of up to 40,000sqm.
Mr Douglas, CBRE Senior National Director, Retail Capital Markets, said ABAX was seeking interest from experienced developers and owners to jointly masterplan, develop and ultimately co-own the completed project.
Commercially zoned vacant land values in the surrounding areas have been achieving in excess of $1,400 per square metre and on completion asset values for large format asset sit at circa $6,000 per square metre.
“This is a rare opportunity to acquire a landmark metropolitan Sydney site within one of Australia’s most densely populated and growing catchments. The site is favourably zoned, has a planning approval in place and is positioned to capitalise on the significant undersupply of retail LFR space in the catchment,” Mr Douglas said.
Sydney’s North West Growth Area includes the Local Governments Areas of Blacktown, The Hills Shire and Hawkesbury, which are expected to accommodate a further 250,000 residents over the next 30 years.
Rouse Hill is situated approximately 21km north of the Parramatta CBD and 35km north-west of the Sydney CBD, with the Hills Hub site situated at the intersection of Annangrove Road and Withers road, a major arterial corridor linking Rouse Hill, Kellyville, Box Hill in the west and through to Dural in the east.
CBRE Director Ben Hunter said, “The site offers great accessibility to Sydney’s burgeoning north-west. With infrastructure upgrades in place for Annangrove Road, commencing in Q1 2023, it is expected the incoming population will provide a strong tailwind for The Hills Hub.”
The development opportunity is underpinned by extremely positive trade area demographics, including an affluent, expansive and rapidly growing total trade area of 573,590 people, which is forecast to increase to 777,890 people by 2036.
This includes a main trade area of 437,580 people, which is growing at 3.3% per annum – more than double the Sydney average.
Another driver for potential joint venture partners includes the current undersupply of retail floorspace in the TTA totaling 140,000sqm.
Expressions of Interest close Thursday, 16 June 2022.