Developer’s moving West
Overseas real estate agent sees new potential
A MAJOR global property developer has zoned in on Western Sydney’s promising housing market.
Overseas real estate giant Poly has snapped up a 30,610sq m vacant site at 229 Victoria St, Werrington, and plans to build a “boutique” estate, offering 68 lots.
Poly’s marketing director Philip Best said the developer was new to Australia and the company wanted to shift its focus to house and land sales. Mr Best said the vacant site presented the perfect opportunity.
“From our research and insights, we see this as a market which has strong growth potential,” he said.
“The apartment market is cooling off in Brisbane and Melbourne and, maybe to a small degree, in Sydney.
“Why specifically the lo- cation in Werrington? It is actually a beautiful location; it bumps straight on to lots of green space, parkland, a lake, kids’ play areas, sports fields and the actual housing around it is very nice.”
The site is also about 1km from Werrington railway station and near schools and Nepean Hospital.
Previously owned by Penrith Council and awaiting final DA approval, the property is bound by William St, Cottage St and Victoria St.
Poly has joined Ray White Projects to market the site, set to be called Grove Place.
Selling agent and Ray White Projects director Eddie Mansour said most packages included a fourbedroom, two-storey house.
But there will also be some single-level homes. The starting price is $695,000.
Mr Mansour said the land sizes ranged from 325sq m to just shy of 800sq m.
“The great thing about Grove Place is that it’s a nice, level block ... we haven’t tried to squeeze as many small size lots into the estate,” he said.
An initial sales campaign has seen most interest come from local residents.
The main buyers are predicted to be “predominantly families,” Mr Mansour said.
Poly, which has recently worked on a high-rise project at Epping, chose Rawson Homes as its preferred builder. Work is expected to start on the site in October.