United Greek-Australian charity sells major Sydney site
Castle Group has bought a major Sydney housing estate block from Hellenic Village – which represents 21 Greek community associations.
The 41.32 hectare parcel in Austral, a growth corridor, is trading for $119.5 million.
A c560-lot master-planned community is planned (artist’s impression, top); the parcel is near the Western Sydney International Airport, set to open next year, and the Western Sydney Aerotropolis, and surrounding proposed industrial estates, expected to become a major employment hub.
Colliers’ Joe Sacco and Frank Oliveri of Oliveri Capital were the agents.
New record
The result for Lot 10 Gurner Avenue smashes the $42m record formerly paid for an Austral site, the agents said.
With low and medium density housing, the redevelopment will boost the suburb’s supply, presently c1800.
It will also boost Castle’s development pipeline to over 1000 dwellings; created in 2007 by Ritchie Perera, it started building residential in 2014.
Longer term, Austral is expected to accommodate commercial product too.
Hellenic Village – a united Greek Australian charitable organisation – will use proceeds for community initiatives.
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