Castle Hill 1.42ha land plot sells for a record $140m

A DEVELOPER has forked out a whopping $9859 per sqm for a parcel of land in northern Sydney, setting a new record.

51-53 Old Castle Hill Rd, Castle Hill, looking west

TOPLACE — the developer behind the under-construction Atmosphere towers — has purchased the 1.42ha parcel of land next to Castle Towers for a record Hills price of $140 million.

The Hills Shire Council on Tuesday night agreed to sell the site for a whopping $9859 per sqm after what agents CBRE said was a highly competitive sale campaign, which generated international buyer interest.

Up to 800 apartments can be built on the mostly vacant site at the corner of Pennant St and Old Castle Hill Rd, up to a height of 18 storeys.

The site is just 250 metres from the soon-to-be-completed Castle Hill railway station, which forms part of the Sydney Metro Northwest rail link.

Toplace are building the 21-storey Atomoshpere apartment complex at the corner of Crane Rd and Old Northern Rd, Castle Hill.

Toplace is also the new owners of Dunrath homestead at West Pennant Hills.

The 2ha Dunrath site was purchased in June for $42 million, or $2100 per sqm.

The highest price paid for a property in the Hills was the 2ha Home Hub Castle Hill site at 18 Victoria Ave, Castle Hill in 2012.

But that $178.5m price equated to $6420 per sqm, and included the already established retail centre.

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The Hills Shire mayor Michelle Byrne, said: “Council has been able to consolidate the site over many years, and the sale further enhances council’s fiscal position as possibly the strongest in NSW.

“It opens the way for the provision of new and better infrastructure and facilities for the community in The Hills which will be envied by many other councils.”

CBRE residential development director Matthew Ramsay, said: “The Hills has seen considerable activity of late in the residential sector, with the council’s Castle Hill North Precinct plan generating a number of other sales in the area whereby home owners have clubbed together to x

CBRE western Sydney managing director Frank Oliveri said: “The completion of the Sydney Metro Northwest, in conjunction with the council’s planning framework supporting development, will act as a catalyst for major population growth in The Hills district and spur ongoing interest in sites close to station sites.

“Upon completion of the link, rail travel time from Castle Hill to the Sydney CBD is expected to take just 45 minutes, with CBD bound trains departing every four minutes in during peak periods.

A key attraction for developers was the site’s elevated position, which provides for uninterrupted views.