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The residents of the entire street of Dunraven Way in Cherrybrook in Sydney's north-west has banded together to sell 17 homes forming a 8500 square metre residential site.
The price expectation for the site, a short 250 metres from the future Sydney metro station of Cherrybrook, is about $50 million.
In a time when large sites for residential development are becoming scarce as the housing boom cools, the Cherrybrook site will be much sought after, Colliers International's Andrew Graham said.
"Cherrybrook is a much sought-after location and this opportunity represents one of the first residential amalgamations in an area starved of strata options for more than 25 years," he said.
He is handling the expressions of interest campaign with colleagues Michael Sullivan and Steam Leung.
The site can yield an apartment development in an upcoming re-zoning of the area, after residents lodged a planning proposal with the Hornsby Shire Council and the Department of Planning and Environment for increased density.
Cherrybrook is sought after for schools, and now for its access to the metro fast train.
"Cherrybrook is ripe for an injection of housing stock, with pent up demand from downsizers and families ready to capitalise on its strategic position close to shopping, education and transport amenities," Mr Sullivan said.
Neighbouring suburbs such as Castle Hill and Kellyville have already capitalised on the uplift and buyer demand from the $8 billion Sydney Metro Northwest line.
Sydney developer Toplace launched 428 apartments at its Castle Hill residential project Skyview at 51 Old Castle Hill Road on Saturday.
They are part of the nearly 1000 units that Toplace will build in the project.
Castle Hill was previously a mostly large-home and mansion suburb but has been undergoing densification as part of Sydney's housing boom and population growth.
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