Just 17 blocks remain at new sub-division
Some $30 million worth of land has been purchased in less than four months at a new residential subdivision at Sydney’s Castle Hill.
Known as Castle-Brae, recent sales include a record $705,000 for a 900sqm block.
Just 17 of the 67 blocks remain at the estate, which is on the corner of Crane and Darcey Roads.
Released in July, the first stage – comprising 32 lots – sold out in 12 weeks. The block that achieved the area’s record price was elevated and north-facing, with excellent district and bushland views.
The second and final stage of 35 lots is selling even quicker. These level blocks range in price from $499,000 to $666,000, and in size from 700 to 1,264 sqm.
The estate contains a number of healthy mature trees and, in time, a fully-landscaped parkland area will be built for the community.
Marketing agent Peter Chittenden, of Colliers International, says Castle-Brae will probably be the last subdivision of its type in Castle Hill, given the lack of greenfields sites in the suburb.
With the Sydney-wide shortage of land, it’s little wonder this rare land release has attracted widespread interest.
“We’ve had at least 1,200 groups inspect the land and 650 of them register real interest,” said Chittenden.
“This is a well established area which continues to appreciate in value more quickly than the Sydney average and, whilst there are still some excellent blocks remaining, people will need to be quick.”
Chittenden said virtually all 50 purchasers had been owner-occupiers who were planning to build their dream home on the land.
Some of them are about to lodge their building application with Baulkham Hills Shire Council and, when completed, they will be worth more than $1 million.
Chittenden says buyers have been a combination of locals who have had their eye on this site for many years, third and fourth home owners, empty nesters and families from outside the area who are upgrading to what is an exclusive enclave.
The Castle-Brae land had been owned by Inghams Enterprises for almost 25 years, during which time the prime residential Castlewood Estate was developed.
It is close to schools, bus routes and the popular Castle Towers Shopping Centre.
The Motorway provides a quick link to major business centres such as North Ryde, Chatswood and North Sydney, while Parramatta and the Norwest Business Park are only 15 minutes drive away.
Castle-Brae is on the corner of Crane and Darcey Roads at Castle Hill and is open for inspection between 11am and 4pm. Marketing enquires should be directed to Jane Thompson of Colliers International on 0410 326 224.
