WST Property Group acquire 30.9-hectare site in Sydney’s North West
National property developers, WST Property Group has announced the acquisition of a 30.9-hectare site, located at 10-32 Terry Rd Box Hill in the heart of Sydney’s thriving North West growth corridor.
The acquisition is the latest addition to WST Property Group’s master planned communities, with a current pipeline ranging from light industrial to business park and greenfield residential, to retail town centres, with Managing Director, Krenalin Moodley speaking to the thriving nature of Sydney’s North West.
“This is an exciting opportunity for WST to develop quality dwellings for Sydney’s Northwest and to deliver our vision of quality for our customers via master planned communities. The North West is thriving and we believe this project provides a wonderful opportunity for first home buyers and families looking to purchase their own homes,” Moodley said.
The land was sold through Knight Frank, with Head of Investment Sales, Grant Bulpett saying it was one of the largest remaining residential development parcels in northwestern Sydney.
“The sale result underlines the value of Northwestern Sydney as a strong and diverse community and a great place to live, with Box Hill a key emerging precinct with incoming amenities including a hospital and educational facilities,” Bulpett said.
As a result of the rarity of the land parcel, Knight Frank’s Director of Investment Sales , Mark Litwin said the campaign attracted interest from a range of buyers, both locally and internationally, including private family offices in Singapore.
“This is a significant sale in the current macroeconomic environment, demonstrating that there is buyer interest in larger residential sites, particularly in light of the fact that there is still a chronic housing undersupply in Sydney which will lead to stronger demand for homes in the future,” Litwin said.
Located 42 kilometres from the Sydney CBD, the Box Hill site is adjacent to the new Box Hill City Centre and located just a short drive from the Hills of Carmel Shopping Village. In direct proximity to a wealth of public and private healthcare, the location provides easy access to Blacktown Hospital and the future (under development) Rouse Hill Regional Hospital.
The site also falls within proximity to a number of green and open spaces, including Rouse Hill Regional Park, Windsor Beach, Hawkesbury River and Scheyville National Park, while families who take up a parcel of land will be within a short drive to schools, preschools and day care facilities.
For commuters, Rouse Hill Metro and Tallawong Metro stations are located within easy reach of the project, with both stations connecting to the existing Epping to Chatswood railway line, with an extension to the CBD expected to be complete by 2024. Further enhancing transport networks, the Northconnex Tunnel connects the M1 Pacific Motorway at Wahroonga with the M2 Motorway at West Pennant Hills.
Recognised as a rural area on the outskirts of Sydney, Box Hill is rapidly transitioning to an ideal residential area as part of Sydney’s North West growth corridor. Box Hill’s population is forecast to increase 4.6 per cent by 2031 with the majority of growth driven by being part of the North West Growth Corridor.
The suburb is undergoing rezoning from RU2 Rural Landscape to a range of urban zones under the Standard Instrument Template, allowing for retail and commercial development within one town centre and three villages, provision of power, water and sewer infrastructure, and local services.
“Our goal is to deliver our vision of quality master planned communities to our customers that provide a wonderful opportunity for families and first time home buyers looking to purchase homes in locations that offer a range of lifestyle amenities, are close to transport, education and healthcare facilities, and of course, offer affordability,” Moodley said.
“For the WST team, this acquisition is an important part of our future and growth strategy, that allows us to continue our credible, track record of creating and delivering projects that make a positive contribution to the community.”
McCall Community Foundation previously owned the 30.9-hectare parcel, agreeing to sell the surplus land to future proof its work for the next 20 to 50 years. The Foundation will retain 4.74-hectares of land for its existing community facilities and operations, in addition to expanding the depth and breadth of the services it currently provides to the disabled community in the area.
