Demand for land soars in Westmead

Growing population, low interest rates, infrastructure spend and consumer confidence has seen values within Westmead, one of Sydney’s popular growth suburbs, soar over recent years. That growth is likely to continue its upward trend, ensuring new developments in Westmead remain highly desirable.

Over $900 million has been allocated to the redevelopment of Westmead Hospital which will feature a new building, called The Central Acute Service Building, as well as infrastructure upgrades and the recently completed eight level car park offering 1,250 spaces. The new Acute Service building will be completed by 2020.

Westmead is approximately 22km west of the Sydney CBD and only 2km west of the Parramatta CBD. Parramatta is commonly known as the geographical centre of Sydney and is a thriving metropolis of commercial and economic activity being the sixth largest CBD in Australia. Major amenity upgrades have occurred around the railway station with the expansion of Westfield Parramatta (second largest retail complex in Australia), the creation of a new transport interchange and the ongoing development of the Parramatta Square.

Westmead’s location surrounded by hospitals, schools, transport links and the Parramatta CBD places the suburb as one of Sydney’s most serviced precincts. Very limited supply means any land offering is immediately pursued by savvy developers and investors.

As there are very few development opportunities within the area and only a handful of significant sites offered to the market in recent years, a unique opportunity to acquire a significant parcel of level land with excellent development potential which will allow for a substantial residential development (STCA) is set to hit the market later this week through Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia.

Located at 93 Bridge Road, the site occupies an impressive 8,664sq m* of land and benefits from a prominent 92.795m* frontage along Bridge Road to the western elevation and 256.6m* of combined local internal road frontages along the Northern and Southern boundaries of the property. The site is located in a gateway position close to the Westmead health district to the North and situated on the western fringe of the Parramatta CBD.

The existing improvements on the site comprise 31 single storey two bedroom villas. The site is however, significantly underdeveloped subject to the provisions of the Parramatta Local Environmental Plan 2011 and benefits from a R4 High Density Residential zoning with an accompanying 1.7:1 floor space ratio and a building height of 20 metres allowing for up to six storeys of residential development. These existing provisions allow for the construction of circa 14,728.80sq m of potential GFA.

According to Neil Cooke, Director – Residential Site Sales at Savills Australia, this is a unique opportunity to acquire the majority of unit entitlements in a highly desirable location.

“We currently have 27 out of 31 properties included in the sale (87%) and the site’s proximity to Sydney Children’s Hospital, Westmead Hospital, Cumberland Hospital and Westmead Private Hospital provides a variety of health services situated within a 1 kilometre radius of the site. The site is also within walking distance of a number of primary and secondary schools,” he said.

Westmead and Wentworthville Railway Stations are also a short stroll away and offer express services to Parramatta and Sydney CBD. Significant arterial roads include the Cumberland Highway, James Ruse Drive and Old Windsor Road as well as major motorways being the M4 and M2 offer convenient access to other parts of Sydney. The future Parramatta Light Rail will offer services from Westmead Station from 2023 and a number of bus routes also service the area.

Proposed future light rail is expected to run north along the Hawkesbury Road from Westmead Railway Station to Westmead Hospital providing convenient links to Parramatta and on to Carlingford and Sydney Olympic Park.

According to Stuart Cox, Director – Residential Site Sales at Savills Australia, “Westmead’s location surrounded by hospitals, schools, transport links and the Parramatta CBD places the suburb as one of Sydney’s most serviced precincts. Very limited supply means offerings such as 93 Bridge Road are sure to be keenly pursued by a number of local and offshore groups”.

93 Bridge Road, Westmead is being sold through Savills Australia by way of Expressions of Interest closing 4pm (AEST), Thursday 5 April, 2018.