Action group reveals developers pulled in on Cherrybrook property plans
DEVELOPERS have walked away from a multimillion-dollar investment in Cherrybrook that would have seen the amalgamation of properties for a high-density development just metres from the metro station site.
Hills Shire
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DEVELOPERS have walked away from a multimillion-dollar investment in Cherrybrook that would have seen the amalgamation of properties for a high-density development just metres from the metro station site.
A total of 11 properties were involved in the amalgamated auction in Robert Rd, Cherrybrook, three years ago.
However, the auction time expired on Monday, September 24, at 5pm, according to Residents Infrastructure Planning Alliance spokesman Raymond Sloss.
“We understand the developers, who appear to be a shell company, have forgone their deposit,” Mr Sloss said. “The developers asked for a 24-month and a 12-month extension but the residents refused.”
The Advocate understands residents were notified the sale was null and void on Monday.
“The developers were not confident enough to take the risk of paying out and purchasing the property and could not get the residents to agree to the extension,” Mr Sloss said.
“There is no confidence for investors and developers, the Planning Department have failed to tell us what the future holds for the precinct and we don’t believe we will have any announcements from the NSW Government until after the election.”
Last month, the Advocate reported residents’ associations including Residents’ Infrastructure and Planning Alliance met Epping state Liberal MP Damien Tudehope, calling for clarity around the future of the precinct. Residents said they had been living in a state of limbo for six years.
“It is incredible that this has happened, it is not looking like Cherrybrook is a suitable opportunity for developers,” Mr Sloss said.
“Developers and real estate agents have been knocking on our doors for years, but now, the streets are silent.”
At the time, Mr Tudehope said the government was taking its time “to get it right”. “When the plans are finalised, the community will be invited to make submissions and ... have an opportunity to have a say,” he said.
