Council banks $7.8m from residential subdivision
Blacktown City Council has banked $7.82 million for 10 subdivided sites at Cinnamon Gardens estate at Riverstone, west of Sydney.
The result was $527,000, or 7.2 per cent, above reserve.
All were knocked down at auction.
Zoned R2 Low Density and opposite a future council reserve, they could yield standalone homes or townhouses.
More to come
The first stage sell-down included blocks between Kesh, Jack and Jessie streets (continues below).
The second and final sell down is scheduled in three weeks for 11 lots, between Kesh, Jessie and Brianna streets.
“The (first stage) campaign attracted a broad buyer pool including local and national builders, first home buyers, upsizers and downsizers – all drawn to a well positioned and thoughtfully delivered residential estate by Blacktown City Council,” according the agents from CBRE’s new District platform, Lord Darkoh, Ray Ahsan and Leo Guzman.
Riverstone is about 48 kilometres from Sydney’s CBD, near Riverstone and Schofields train stations, the Tallawaong Metro and Rouse Hall Town Centre.
Subscribe to our newsletter at the bottom of this page.
