Developers Celestino Pty Limited signed a deal on Friday 7 August with Ray White NSW to open Ray White Box Hill and become the sole seller of a 330 hectare parcel of land in North West Sydney’s Hills district.
The 330 hectare parcel of land was secured three years ago and approval granted by the state and local government to develop a community called The Gables, Box Hill.
The Gables will incorporate approximately 4,100 dwellings that will eventually house some 13,000 residents over the coming years. It will include a new town centre, public school, playing fields and wide expanses of parkland and green space.
The project is estimated to be valued at over $4 billion, with VPA (Voluntary Planning Agreement) works expected to be over $300 million.
The initial office, which will be Ray White Box Hill, has aspirations to expand to multiple offices over the coming years to service future developments.
“We are hoping inside the next two to three years to have three of Ray White’s largest businesses in NSW. That’s our goal,” said Principal Jason Keen, who is the Sales Director at Celestino.
Ray White NSW CEO Stephen Nell said it was humbling that Celestino saw the best way to market these blocks in Box Hill was through the Ray White brand.
“It’s such a confidence booster for our company and for North Western Sydney,” he said.
“Obviously there is this massive demand for housing - and this new office will complement our existing businesses in the region very strongly.”
This is the first time Ray White has partnered with a developer to become a Ray White office.
“For a company the size of Celestino, to see confidence in a brand like ours is an enormous triumph,” said Stephen.
According to Jason, The Gables will be the largest master planned development the Hills has seen, and also one of the largest in NSW.
Mr Keen said the development will initially offer two products to the market. Residential blocks of land, generously sized from 450sqm will be available to the general public, while a ‘super lot’ product will be sold separately to builders to provide product diversity.
“We didn’t want families and builders feeling as though they were competing against each other to secure land at The Gables,” said Jason.