Castlereagh lots snapped up as NSW government auctions former quarry site
Three 2.32-hectare allotments of land have been snapped up by private owners, as the NSW Department of Planning & Environment auctioned off a former quarry site at Castlereagh, near Penrith.
Lots 11, 12 and 13 Smith Road, Castlereagh, were released by the government following a reclamation process.
“As the site was formerly home to a quarry, this land sale has been 6 or 7 years in the making, following a significant number of studies and land works to ensure the blocks were suitable for sale,” said selling agent Lori Howell of Raine & Horne Penrith & Mid Mountains.
She said there were more than 200 enquiries, with 25 registered bidders at auction.
Lot 13, which backs onto the Nepean River and has direct riverfront access, went well above its reserve after a bidding war which drove up the price to $1.501 million.
Lot 12 sold for $1.205 million, while Lot 11 fetched $980,000.
“To say the interest in these properties was huge would be an understatement, and their quality and location ultimately made them easy to sell,” added Ms Howell.
The more than 130-year-old quarry in Castlereagh closed down earlier this year. Material from the quarry was used to build the Sydney 2000 Olympic venues.
The government plans to transform the site into a series of recreational lakes and housing, according to a report in the Daily Telegraph.
The lots are neighboured by Princes Farm, the equine facility of the late Melbourne Cup king Bart Cummings, and Huntington Estate, a luxury 12-acre property formerly owned by trucking industry veterans Pam and Albert Hunt of Hunt Specialised Transport.
“The land was leased for many years by Princes Farm for running their horses, so the land definitely has a thoroughbred reputation.”
Howell says her equestrian background also helped her win the listing.
“The property was originally put up for tender by the government, and as part of my process I ended up walking every inch of the land to get a real feel for it," she said.
“I found that with my background in show horses and judging, and the fact that the property had been used by Princes Farm for equestrian purposes, this gave me some great inside knowledge of the lay of the land, which ultimately helped me win the tender."