New luxury apartment development
Once known for its family-sized suburban homes, Castle Hill has been undergoing a transformation into a lifestyle hub for the Hills District.
Now, a new two-tower apartment development, Grand Reve, is bringing luxury apartment living into the mix. The Kassis Homes development, designed by architecture firm Turner Studio, features 196 premium residences on a 6,300sqm site.
The development caters to a diverse range of lifestyle needs, with studios and one, two and three-bedroom apartments on offer. It also features a selection of split-level three-bedroom townhouses with private gardens.
Interest on the rise
Paul Ryan, an economist at REA Group, says demand in Castle Hill has been increasing, as a different demographic of buyers looks for new types of housing. “The character of Castle Hill has previously been very family-centric, with large blocks and school access,” Ryan says.
“These apartments may appeal to downsizers or younger households. Townhouses with three bedrooms are increasingly appealing to younger families.
“It matches the evolution of Castle Hill’s character – rather than a suburban region, it’s become more of a suburban hub.”
Buyers have caught onto the changes in Castle Hill, with average views per property listing on realestate.com.au up 29% for houses and 26% for units, year-on-year to February 2021. The increase in searches has corresponded to sales. The median price for units in Castle Hill increased by almost 9% to $915,000 year-on-year to February 2021, compared to the rise across broader Sydney of 4%.
Meanwhile, the median house price in the area rose by 6.8% to $1,585,750 — just behind Sydney at 9.5%.Ryan says the outperformance of apartments in Castle Hill is indicative of the changing character of the suburb.
“It’s definitely been an up-and-coming area of Sydney over the past few years,” Ryan says. “It’s gone from more of a satellite part of the city to a much more connected area. Partly, that’s due to the connection with the Northwest rail link — that’s supported higher density developments and increased the appeal of the whole region.
standing in style
Stephen Cox, director at Turner Studio, says Grand Reve has been designed to be welcoming for both new residents and locals of the area. “It’s really paying attention to relationships and how we are going to integrate the new community into the existing community,” says Cox.
Cox says the philosophy behind the area’s design is to make it an open and inviting space for residents and locals alike. “The longevity of the building, the civic pride of the building and the actual maintenance proposition of the building are important,” he says. Plenty of natural brick is used to complement the surrounding area, while the upstairs apartments look down over tree-tops, or out to the surrounding hills and across to the Sydney CBD skyline.
Adam Sparkes, associate director at McGrath Real Estate, says Grand Reve will appeal to buyers looking for quality luxury living at a far better price than comparable established urban hubs across Sydney, such as St Leonards, Chatswood or Macquarie Park.
“Apartments at Grand Reve are extremely well priced, ranging from $560,000 for a garden studio and going up to around $1,825,000 for the largest 262 sqm three-bedroom design,” says Sparkes.
All pictures are courtesy of McGrath Projects.
▲ This article was originally published on realestate.com.au on 12/4/21. Click here to view the original article.
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