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- Ben Wilmot
- The Australian
Sydney developer Toplace has become the latest player to swoop on a major parcel in the city’s northwestern suburbs with the group snapping up an estate for about $42 million. The property developer, which has a series of projects across suburban Sydney, has swooped on the home, known as Dunrath, in West Pennant Hills.
Toplace has built apartment projects across Sydney for more than 20 years but shot to prominence when it bought a Robert Magid’s Rosebery Park residential project for $75m in 2013.
Toplace currently has unit developments under way in Mascot, Botany, Parramatta, Granville, and has also earmarked sites for projects in Kellyville and Box Hill.
While the $42m price tag of its latest acquisition is yet to be confirmed, printing tycoon Robert McMillan said the decision to sell the estate that sits within 800m of the new Cherrybrook Station and North West Rail Line as an “easy one”.
The 4999sq m site is yet to be rezoned but is in an area that developers have carved up in expectation that the railway line will transform the area.
Hills Shire Council has appointed real estate agency CBRE to sell a site known as 51-53 Old Castle Hill Road in Castle Hill.
The property spans an area of 1.416 hectares.
COMMERCIAL PROPERTY REPORTER
Ben Wilmot has been The Australian’s commercial property editor since 2013. He was previously a property journalist with the Australian Financial Review