"Knight Frank and the McCall Community Gardens Foundation are anticipating a lofty sales figure in excess of $200 million"
As development of the satellite suburbs in Sydney's north-west continues to ramp up at an escalating pace, large format parcels of land become more and more difficult to source. Knight Frank’s latest offering serves as one of the largest remaining residential development landholdings in northwestern Sydney, and the international Expressions of Interest campaign is expected to inspire some fierce competition between prospective buyers.
“The site has the opportunity for a diverse offering including detached housing, townhouses and apartments which should meet the growing demand for residents looking to be close to the incoming amenity and infrastructure.”
This messaging comes from Knight Frank agent, Grant Bulpett, who is marketing a 30.9-hectare property in Box Hill alongside colleague Mark Litwin. The site, situated opposite the new Box Hill City Centre, is considered a hugely significant asset, given its zoning provides developers an opportunity to deliver more than 1,150 detached dwellings, townhouses and apartments.
Rendering of the soon-to-be-completed Box Hill City Centre
“Given the size and diverse offering of the site we expect buyer interest to be strong and come from a wide range of developers from both interstate and international.”
The listing comes courtesy of The McCall Community Gardens Foundation – an organisation that has provided accommodation and support services for those living with disabilities for nearly 70 years. The Foundation wishes to retain 4.74-hectares of land for its existing community facilities and operations, but intends to offload the rest of the property.
“The McCall Foundation’s Board’s decision to offer the land to the market is based around achieving three key objectives,” stated Dan Reeve, who serves as the Chair for the Foundation. “These include the need to maintain an ongoing attachment with the history and heritage of McCall Gardens, the imperative of ‘future-proofing’ the long-term financial needs of the operations and services of the charity, and ensuring the heritage elements of the site are maintained for the local community.”
McCall Community Gardens Foundation are the vendors
Located at 10-32 Terry Road, the Foundation will consider a variety of transaction structures, including a straight sale and a project delivery agreement, with any decision prioritising “the ongoing need to provide quality care and support for its participants”.
There is currently a major undersupply in residential housing that is afflicting not only Sydney, but all of Australia. With speculative stock unable to keep up with demand, state governments and local councils all over the country are trying to encourage development, giving the buyer of 10-32 Terry Road real flexibility in design and approach, subject to the Foundation’s acceptance of whatever sales proposal is offered.
“The scale of this Box Hill site offers significant future development pipeline across a variety of stock that can be built to meet market conditions over the short, medium and long term if desired,” commented Knight Frank’s Mark Litwin.
Given the size and location of the property, Knight Frank and the McCall Community Gardens Foundation are anticipating a lofty sales figure in excess of $200 million. And given the recent activity in the area, it doesn’t seem like a far-fetched ask.
