A 4.3ha parcel of residential development land in North Kellyville has sold for $24.5m.
The site at 72 Foxall Rd is surrounded by new residential development projects and is one of the last to be developed in the area.
The property was acquired by Raj and Jai Constructions and represents a price of $569/sqm.
The property had an approved subdivision permit for 73 residential lots ranging in size from 360sqm to 420sqm. In 2019, Universal Property Group obtained approval for minor amendments to the plan of subdivision.
Based on the approved lot yield, the purchase price represents $335,616 per undeveloped lot.
The average finished lot price in North Kellyville is $675,000 for a 489sqm average site ($1,363/sqm). Supply in North Kellyville is drying up however so far in 2020, 48 of these lots sold, an average of 1.3 per week.
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