Developers trade permit-ready apartment site
Local developer Bathla has sold a Sydney growth corridor site permit-ready for six four-storey apartment buildings.
The group is banking $41,050,800 for 99-101 Schofields Road, Rouse Hill.
It paid $34m for the 3.36 hectare amalgamation in 2021; the land had already been approved for redevelopment.
NEX Property is the buyer; it will instead develop a lower density project.
One parcel (#99) is slightly larger than the other, at 1.69ha, and cost $20.64m.
The Baulkham Hills based group, with McDonald Jones and Mojo Homes, is also seeking to deliver a Hunter region low density residential project, at Oakhampton, early next year.
Change of plan
The Rouse Hill block is permit-ready for 520 dwellings.
“NEX Property has indicated the site will be incorporated into its existing landholdings in the area, with plans for a master-planned community incorporating detached and semi-detached housing an some townhouse product,” the group’s general manager, Nadim Akari, said.
“A revised development application is expected to be lodged in June,” he added.
“The acquisition complements our existing land holdings in the area and provides the scale needed to deliver a genuine master planned community,” according to the executive (continues below).
CBRE’s Alex Mirzaian was the agent; the sale was unconditional within 42 days of listing.
“Despite the scale of the approved scheme, the transaction reflects a broader trend emerging across Western Sydney, where developers are increasingly reassessing apartment projects in favour of lower-density housing outcomes that offer improved deliverability and align more closely with evolving market conditions,” he said.
“This trend is particularly evident in growth precincts like Rouse Hill, where buyers are seeking a balance between accessibility and liveability, favouring housing options that offer greater affordability without compromising on amenity,” he added.
“By targeting the right buyer groups and leveraging policy settings such as the First Home Buyer scheme, we were able to convert strong underlying demand into a decisive outcome,” according to the executive.
“The site is located within the Rouse Hill–Schofields growth corridor, which continues to expand on the back of transport infrastructure, including the Sydney Metro Northwest, and proximity to established retail and community amenity.
“Higher-density apartment projects in the corridor have increasingly been reassessed in recent years as construction costs and financing conditions have affected feasibility, particularly in schemes where planning approvals pre-date current market conditions”.
Rouse Hill is about 43 kilometres north west of town.
Bathla Group retains other projects across Australia’s east coast.
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