- A 11,750sq m property at Lot 6 Balmoral Road in Bella Vista will be taken to the market via an Expressions of Interest campaign run by Knight Frank
- Knight Frank is marketing the property on behalf of Jonathan Henry, Barry Kogan, Jason Ireland and Jason Preston of McGrathNicol, as Receivers and Managers of the Mortgagee
- The site has development approval for 109 apartments generously spaced over the large site across three buildings, providing more than 18,800sq m of gross floor area
Sydney, Australia – A DEVELOPMENT site with existing approval for an apartment development with spacious homes in Sydney’s northwest is likely to generate strong interest when it hits the market this month.
The 11,750sq m property at Lot 6 Balmoral Road in Bella Vista has development approval for 109 apartments generously spaced over the large site across three buildings, providing more than 18,800sq m of gross floor area in total upon completion.
Knight Frank agents Mark Litwin, Grant Bulpett and Dominic Ong have been appointed to market the property via an Expressions of Interest campaign on behalf of Jonathan Henry, Barry Kogan, Jason Ireland and Jason Preston of McGrathNicol, as Receivers and Managers of the Mortgagee.
Mr Litwin said the biggest drawcards of the development site for buyers would be its existing residential development approval and prime location.
“Not only will the existing approval save developers time and money, and provide certainty with what can be done on the site, but it also a significant development opportunity in an R1 zone with approved gross floor area that is unable to be repeated.
“You can’t repeat this DA currently as the density control has changed since it was approved.
“There’s over 18,000sqm of gross floor area across this development, which benefits from intelligent design to include spacious, flexible interiors that people want these days, particularly in apartment buildings.
“More than 80 per cent of the units in the approved plan are two-bedroom units with an office, and each unit has two parking spaces, with underground parking provided for.”
Mr Litwin said the approved development would attract owner occupiers, growing local families, and the emerging ‘Work From Home’ demographic.
“The layouts are for the new ‘Work From Home’ reality that COVID presented,” he said.
“Families in units want room to breathe, they want to see the trees in the park next door and they want outdoor greenspace within their development too, not just another barbeque pit.
“So much of the new apartment stock we have seen come to the market over the last few years has been smaller. This project gives consumers what they really want.
“More and more councils will ask developers for larger apartment sizes, and more natural onsite amenity, like this project, which is one of the first of its kind.
“Hills Shire Council has already made this requirement for more generous apartments a prerequisite in the Showground Precinct of Castle Hill, so it is so obvious this type of design is the way forward.”
Mr Bulpett said Bella Vista was the premium postal code in Sydney’s northwest, with a median house price close to $2 million, which would be another drawcard for buyers of the completed development.
“It is in strong demand with residential buyers, with the quality of life being very appealing, so a residential development will be very sought after,” he said.
“The site itself benefits from close proximity to the Bella Vista train station, which is just 750 metres away, connecting residents to nearby major employment centres such as Norwest and Macquarie Park, as well as retail and lifestyle centres including Castle Hill and Rouse Hill Town Centre.
“Development sites have been one of the most resilient asset types in New South Wales, with buyer demand remaining strong, even during lockdowns.
“There is still a lot of active capital looking to acquire residential development sites especially, off the back of the residential boom, particularly those with limited planning or DA risk.”
The Expressions of Interest campaign for the property will close at 4pm, Thursday, September 30.
