West Pennant Hills Mirvac Development on 25ha

Hi All,

Last year, the council approved a proposed redevelopment of ~25ha by Mirvac for residential development. The location is 55 Coonara Ave and was purpose-built for IBM in the 1980s.

The development looks substantial - 200 low-density dwellings (houses) + 400 apartment dwellings.

By way of context, WPH currently has 5K houses and just 300 apartments, so represents 10% increase in dwellings (and presumably a similar number in terms of population).

As we are looking at properties in close proximity to the development, I'm curious to know what the general sentiment would be towards this (I.e. would some consider this a huge deterrent?).

Clearly there will be traffic complications, although as a part of the plan there seems to be the development of further shared amenity spaces which may provide useful.

I'm not sure how such a development will impact existing property prices (negative / positive or neutral), noting the lot sizes in the development are much smaller than the local average homes.

Any thoughts and insights will be most appreciated as always.

Cheers and stay dry Sydney siders!
Harry

 

It creates a new segment in the market ie new houses & new units. Prices will be sufficient to nudge median prices due to the sheer volume of sites being sold & settled in a short period.

The number of units being presented to market will more than double existing stock & be considerably newer meeting current expectations (& at a much higher pricepoint).

 

Thanks Scott, appreciate the response.

So in a nutshell, would it concern you?

Cheers

 

Will buyers see the larger lots with older houses as more or less desirable? Will you be prepared to pay more for a larger block and still have to upgrade the McMansions or take a lower care newer block in a cookie cutter neighbourhood?

They are crystal ball issues.

I would still go the established area.

 

I live near there... and the development has been on the cards for quite some time.... it hasnt stopped record dollars being spent on any of the house inside The Glade over recent weeks/months

I assume you are looking at this? The development in question will be right behind it - but I attended the open yesterday and there were a lot of people through, even in the miserable rain.... https://www.realestate.com.au/property-house-nsw-west+pennant+hills-135748654


One of the arguments - about traffic - needs to be looked at in some context. The site was until recently the HQ for Northconnex and had hundreds of vehicles and shuttle bus movements going on daily , so I'm not convinced the additional traffic will be all that additional..... yes it will mean more residents and more traffic, though

Im also hearing that lots of locals who are in large 5 or 6 bedders at the moment and want to stay in the area to be near kids or grandkids are looking at this as a way to downsize and stay local.

Just as Castle Hill has recently absorbed huge numbers of additional apartments , WPH will do the same .... This is what happens when metro's go in nearby

I would prefer the larger lot and larger house at this stage in life.... but my budget allows that. Others who want to be in the area may have different needs at this stage in their life or different budgets .

 

Hi euro73,

We must have been inspecting it at the same time

That is hugely helpful. Thank you for that.

 

Hopefully Mirvac will emulate what was done in Breakfast Point or Newmarket in Randwick and place emphasis on aesthetic and green space ie not the Meriton route. Would also be good if it had a retail strip in there for cafes etc.

I reckon it'll sell like hot cakes.

 

It backs onto Cumberland state forest so they’d be mad not to try and play off that

 

The DT/ Hills Shire times has a one bedroom apartment starting at $725,000 and $1.93 mill for a 3 bed ‘house’.

https://www.dailytelegraph.com.au/n...k=4044973454a6dc6cd19e049d9c842334-1713492265

For the circa 2 mill, single garage, attached etc and expecting anything larger with a double garage pushing mid 2s. I’d think it was community title too so expecting levies on top.

Not for me but downsizers or desperate to live in that area who can’t go a few hundred more for better value property.

 

Well they def playing up the forest as it's being marketed as "forest living".
Sleep with the snakes, spiders and rodents..
Enjoy Sydney's wildlife from up close!


From my recollections I don't believe high density has ever made any area better.
Except for those already owning looking to dev or sell to developers.

 

I worked in that IBM building for a number of years way back when.
Lunch time was often spent out the back on a lovely grassed area that backed onto Cumberland Forest. Peaceful spot with lots of wildlife.
Its a shame they are putting the usual high density living that permeates everywhere now. But to be expected when it's so close the Cherrybrook train. Sigh.

 

I live behind this development and I'm kind of looking forward to the life it hopefully injects in the area