First home buyers and investors drawn to Carrington Place, Castle Hill masterplan
First home buyers and investors have been drawn to Ellipse Property's $850 million Castle Hill masterplan, Carrington Place.
One of the driving factors of the success of their first stage release, Atrium, has been the projects proximity to the future Hills Showground Station, located directly opposite the large 3.2-hectare community.
Carrington Place Project Director Joe Chiha says apartments surrounding Metro Stations are predicted to outperform similar projects in neighbouring suburbs by up to 20 percent recent research has shown.
“As the premium suburb in the Hills District, Castle Hill is poised to see the lion’s share of that uplift. Apartment prices have grown in the suburb by 72% in the last 10 years," Chiha says.
“Rental returns in Castle Hill are expected to be averaging over 4% which is an attractive return for investors."
Carrington Place’s first residential stage, Atrium, comprises 151 apartments within one mid-rise eight storey building, which forms the gateway to the Carrington Place precinct and offers a range of amenities. Residents will have access to rooftop recreational spaces that provide views of the surrounding landscape and overlook the tranquil Cattai Creek.
Uniquely, the precinct will also be home to over 20,000 sqm of recreational space including outdoor gyms and wellness areas as well as lush gardens, conceived by landscape architect Site Image Landscape Architects, making it one of the greenest masterplanned communities in the Hills district.
PRD Norwest Director David Inkster, who is managing sales for the project, says the team had seen a strong response from first home purchasers and investors who are mindful of the opening of the Metro Line and are keen to secure early pricing.
“Carrington Place is an ideal development for those looking to secure their first property as well as investors looking for tenants who are professionals attracted by the convenience of the shortened commuter time on the fast driver-less trains to the CBD – opening in mid-2024," Inkster said.
“Atrium's multi-staged development is poised for consistent price increases, anticipated significant appreciation by the project's scheduled completion date Q3 2025. Interested purchasers should act now to enjoy the benefits of future growth."
Once completed, Carrington Place will comprise 771 apartments built across five eight to 12-storey buildings. Residences will include a mix of one, two and three bedroom apartments.
Designed by award winning architectural firms in a collaboration between Tony Owen Partners together with Stanisic Architects, the buildings have been sensitively designed to immerse with its surrounding natural landscapes while complementing the curve of the tranquil Cattai Creek which runs along the western border of the development.
A key feature of the project will be a one-kilometre boardwalk running the length of the Cattai Creek connecting to Fred Caterson Reserve, a 58-hectare local reserve featuring picnic tables, children’s playgrounds, along with multiple sports facilities.
The Hills Shire Council has a 30-year vision for the redevelopment and revitalisation of the Castle Hill Showground Precinct, located directly opposite the Carrington Place project, planned to create a new 15-hectare entertainment and recreation hub including a variety of community, arts, sporting and leisure activities. The iconic Showground site will become the primary civic space for a new precinct of the future local Hills communities.
Located directly opposite the Hills Showground Metro Station, residents of Carrington Place will have access to Sydney’s CBD, Chatswood, North Sydney, Macquarie Park and Norwest Business Park. With trains operating every four minutes in peak hour in each direction, residents are offered the highest convenience on Australia’s first driverless railway.
Construction is planned to commence imminently with Atrium due for completion in Q4 2025. The entire five-stage precinct is due for completion in 2032.