Landmark Group has paid Landcom more than $135 million for a 1.8-hectare high-density site at Lachlan’s Line at Macquarie Park near North Ryde Sydney Metro station in Sydney’s inner north-west.
Head of development at Landmark Group, Joseph Scuderi, said the Sydney-based developer was still working through the details but planned to build up to 950 apartments across six to nine buildings on the land over the next decade.
Lachlan’s Line is a major urban regeneration project over nine hectares launched in 2013, where developers Greenland Australia and Frasers Property Australia have already built hundreds of apartments and retail.
Landcom, the NSW government’s land and property development organisation, first tried to sell stages two and three of the four-stage project in late 2019 but pulled the campaign because of COVID-19. It was put back on the market in March, fielding interest from a number of developers.
The transaction was brokered by Knight Frank agent Scott Timbrell, who said after a sustained period of caution, developers were now chasing larger sites.
“Bigger sites were definitely not talked about for quite some time and the fact this has sold, and has sold during lockdown, is I think really positive,” Mr Timbrell said.
“There’s been a lot more activity, we’ve seen a lot more people come out of the woodwork willing to spend because they’re looking at the market positively.”
Mr Scuderi said location and infrastructure were key to Landmark’s interest.
“Landcom have invested an extraordinary amount of money into roads, pathways and parkland – the public infrastructure is amazing,” he said.
Landcom’s $120 million infrastructure investment also includes $40 million on a new bridge providing direct access to the Sydney Metro over the M2 Motorway and Delhi Road, on which a further $17 million was spent widening it to minimise the impact on local traffic.
“We see this site being able to provide housing within 10 minutes’ drive of the city at a relatively affordable price point,” Mr Scuderi said.
Landcom’s executive general manager projects, Tasha Burrell, said the sale marked another step forward for the former industrial site.
“Landmark Group has demonstrated its capacity to deliver quality outcomes and we are confident they will deliver on the vision for Lachlan’s Line,” Ms Burrell said.
“With the completion of the major infrastructure that now supports the area, and the sale of stages two and three, Landcom will consider the sale of stage four, which comprises 17,918sq m and will support 826 dwellings.”
Frasers Property Australia was the first to buy at Lachlan’s Line, purchasing the station north site, in 2013.
In late 2014, Greenland Australia secured a 1.2-hectare, mixed-use site and has so far developed 584 apartments, eight townhouses and 4500sq m of retail, including a full-sized Coles supermarket.
This article is from Australian Financial Review, please click the following link for the original article: https://www.afr.com/property/commercial/landcom-sells-sydney-site-to-landmark-group-for-more-than-135m-20210827-p58mex
