Real Estate

Unique sale process ensures quick settlement

Written by The ReReport
As seen in the Source link, written by on 2019-03-15 10:57:24

4 Garthowen Crescent Castle Hill

This vacant home has just sold for $3.2m

A run down home owned by the State Government and located 200m from the new Castle Hill train station has sold for $3.2m.

The six bedroom property at 4 Garthowen Crescent, located next to a vacant lot, was sold to a local developer. It is the first time the 862 sqm site, which is proposed R4 high density, had been listed on the market in 35 years.

4 Garthowen Crescent Castle Hill

The six bedroom home is currently vacant

Agent Matthew Langdon from Ray White Castle Hill said it was unique sale following a six week ‘Expressions of Interest’ campaign.

“The owners (NSW Housing Department) went back to the top parties and we then formed a select tender based on the terms they required including a 60 day settlement,” he said.

“The contract had to be signed on a date, which was about eight weeks from the end of Expressions of Interest campaign. All the offers were bought into our office on the day in sealed envelopes, we then opened them up with the vendor and it was sold.”

Mr Langdon said the State Government no longer had any use for the property which was in need of repair.

The six bedroom double storey home is also just 150m from Castle Towers. It has a large kitchen and updated bathroom.

4 Garthowen Crescent Castle Hill

The property has a prime location close to the new station and Castle Towers

“Many of these types of sales are under options and can take two years — I’ve many calls from other owners in the area because this was done in 60 days,” Mr Langdon said.

According to CoreLogic RP Data, the adjoining property at 2 Garthowen Crescent, a 981 sqm block, sold for $1.5m in June 2017.