Silverstone banks $14.5m from Sydney housing site
Silverstone Group has sold a Sydney residential development site for $14.5 million after winning approval for a 51-lot subdivision.
The 2.02 hectare R3 Medium Density Residential property, 2 Harkness Road, Oakville, exchanged unconditionally following a competitive Expressions of Interest campaign.
The sale price equates to about $284,000 per approved lot.
CBRE’s Ray Ahsan and Lord Darkoh were the agents.
With services connected, the site is within Sydney’s North West growth corridor, abutting the Box Hill growth precinct, near Rouse Hill, Riverstone and Windsor, about 38 kilometres north-west of the CBD.
Previous sale
Silverstone Project Seven bought 2 Harkness Rd from UPG 90 Pty Ltd, owned by Ellen McMahon, in February 2024, for $13m.
The holding previously sold for $8.1m in May 2022.
In 2025, Hawkesbury City Council agreement to buy a 445.5 square metre piece for road widening and a roundabout (continues below).
Mr Ahsan said developers were increasingly focused on project margins, funding costs and capital deployment when assessing residential land.
“Developers are becoming increasingly disciplined in how they assess opportunities, particularly around project margins, funding costs and capital deployment. We recognised early that a conventional sales process alone would not necessarily capture the full depth of the market,” according to the executive.
“By introducing alternative transaction structures, including lot retention and deferred payment arrangements aligned with the site’s three-stage development, we were able to accommodate different acquisition strategies and capital structures while broadening the buyer pool,” he added.
Mr Darkoh said the campaign attracted interest from developers seeking residential land across Western Sydney.
“We received strong interest throughout the campaign, reflecting continued demand for well-located residential development sites,” according to the executive.
“Opportunities with development and SWC approvals already in place continue to attract significant attention, particularly from groups seeking to accelerate project delivery and reduce planning risk,” he added.
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