Record sale of $40m plus for two Castle Hill mansions and preschool opposite planned Showground railway station
A RECORD price in excess of $40 million is believed to have been paid for three homes located across the road from the future Showground Train Station at Castle Hill.
The Hills
Don't miss out on the headlines from The Hills. Followed categories will be added to My News.
- 25 Castle Hill homes to sell for mega development
- Castle Hill neighbours unite for multi-million dollar payday
A RECORD price in excess of $40 million is believed to have been paid for three homes located across the road from the future Showground Train Station at Castle Hill.
The two residential properties at 42 and 44 Ashford Ave were sold together, along with 36 Carrington Rd, which is Carrington Preschool.
A local developer is rumoured to have bought the prime 10,600 sqm site that could be transformed into 16-storey apartment blocks under proposed planning by the State Government.
Agent Stephen Giacomelli from Guardian Realty Projects was unable to reveal the sale price but confirmed it had sold last week.
The homes were put on the market by three lucky owners — not investors
“Overall they are obviously they are excited by what has taken place,’’ MrGiacomelli said.
“It is just one of the things of infrastructure coming into the area, it is giving people the ability to be able to move onto the next stage.”
According to CoreLogic RP Data, 42 Ashford Ave, last sold in April 2001 for $722,000.
The neighbouring property called ‘Willow Run’, which sits on a 3716sqm block, last sold in April 2008 for $1.039 million.
The preschool, believed to be owned and run by its operator, plans on continuing business for several years until construction commences.
There was strong competition for the site, located less than 50m from the station, with offers from both local, interstate and overseas developers, Mr Giacomelli said.
It is believed to be the most expensive residential property transaction recorded in Castle Hill.
It consisted of three of the largest land holdings in the suburb.
Around 250 homes located within the Showground precinct are expected to be demolished to make way for high and medium density living under new proposed zoning.
Many are being listed in large groups, with up to 27 neighbours selling together.
“Sites of around this size create a lot of interest as opposed to when the whole street is involved — I think they are eliminating their market because they are too big,’’ Mr Giacomelli said.
“There are more people in the market looking for sites around 10,000sqm to 15,000sqm.’’
Richest sales
1020 Melia Court, Castle Hill — 4.52 ha, sold $13m in September 2015
100 Gilbert Rd, Castle Hill — 7991sqm, sold for $13m in June 1999
96 Tuckwell Rd, Castle Hill — 3.8 ha sold for $12.63m in February 2007
368 Old Northern Rd, Castle Hill — 8.60 ha, sold for $11m September 2013
177 Wrights Rd, Castle Hill — 2.02 ha sold for $9.73m in March 2015
Sydney suburbs set for explosive price rises after rate cut
A much awaited interest rate cut could set off another housing boom, pushing prices up by more than $30,000 in only the first month across many Sydney areas, new modelling shows.
The ‘holy grail’ of church property portfolios revealed
Towering skyscrapers, hundreds of homes, thousands of commercial buildings and expansive farmland – the holy grail of property portfolios of major churches can be revealed. See the list of property sales in your suburb.