BEN WILMOT Commercial property reporter, Sydney
Sydney-based developers are continuing to snap up residential sites in areas set to benefit from infrastructure spending in the NSW capital.
A local developer has spent up to $40 million buying a major Castle Hill site comprised of eight detached dwellings and, in a separate play, Chinese-backed Yuhu has confirmed its purchase of the Pymble Corporate Centre for about $81m. CBRE’s Matthew Ramsay, Ben Wicks, Richard Gell and Alex Mirzaian brokered the Castle Hill deal with the 7545sqm site targeted by local and international developers.
They declined to comment on the sale price but confirmed the property had been sold to a local developer. The property benefits from future high density residential zoning, allowing a potential development that could comprise up to 250 units.
The site is located in the heart of Castle Hill’s Showground Station precinct, which forms a key part of the NSW government’s Sydney Metro Northwest project. Mr Gell said the site’s position in Sydney’s burgeoning northwest was a key selling factor and noted Castle Hill’s proximity to the Norwest Business Park and the Castle Towers shopping centre. Their respective developers, Mulpha and QIC, are also expanding these facilities.
Meanwhile, Yuhu said it had bought the Pymble asset that sits on a 1.06ha site on Sydney’s sought-after upper north shore. Colliers International and Knight Frank brokered that sale for a private group. The property comprises three office buildings with district views, over a podium of six half storeys of car parking. The 14,329sqm complex has 590 car spaces and onsite cafe and restaurant facilities as well as surrounding gardens.
The Yuhu portfolio also includes the Eastwood shopping centre, where it has a $276m development application pending, and the Glenwood shopping centre. In North Sydney, it has started building the $250m Miller project and an office tower at 20 Berry Street.
Yuhu Group chairman Xiangmo Huang said the company was pleased to add another high quality property to its growing portfolio. “We see Pymble as an area with a very bright future and this acquisition represents a strategic investment in that future,” he said.