Australian broad base property group and developer, 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.
10-32 Terry Rd Box Hill 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.
“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,” says Krenalin Moodley, WST Property Group’s Managing Director.
McCall Gardens 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. Sold through Knight Frank, the Foundation will retain 4.74-hectares of the parcel at 10-32 Terry Road for its existing community facilities and operations, and to expand the depth and breadth of the services it currently provides to the disabled community in the area.
“The land was one of the largest remaining residential development parcels in north-western Sydney. The sale result underlines the value of north-western 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,” says Knight Frank’s Head of Investment Sales Grant Bulpett.
“Knight Frank’s sales campaign resulted in local, national and international buyer interest, including from private family offices in Singapore in the land offering. 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,” says Knight Frank Director Investment Sales Mark Litwin.
Located 42 kilometres northwest of the Sydney CBD, 10-32 Terry Rd Box Hill is adjacent to the new Box Hill City Centre and located 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. Offering a wide range of lifestyle amenities including Rouse Hill Regional Park, Windsor Beach, Hawkesbury River and Scheyville National Park, the location is ideal for families and 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. Indicative travel time from Tallawong Station is 57 minutes (including interchange) to Wynyard Station. 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% 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. 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,” Moodley concluded.