Landcom have successfully concluded the sale of a premium 18,000sqm plus residential site in Sydney’s north, becoming one of the largest high-density land sites sold in the city in the past two years.
The site, at 2-5 Halifax Street in the Lachlan’s Line precinct at Macquarie Park, was purchased by Landmark Group from Landcom in a deal facilitated by Knight Frank.
The land covers four lots and totals 18,463sqm, consisting of two stages of a four-stage development.
Stages 2 and 3 are zoned R4 High Density in accordance with the Ryde Local Environment Plan, with a total allowable gross floor area of 82,212sqm with buildings heights of between 33 and 99 metres.
Executive General Manager Projects at Landcom, Tasha Burrell said this sale marks another step towards transforming the former industrial site into homes for this growing region of Sydney.
“Our vision has been to create an attractive, publicly accessible, and connected local destination with apartments, high quality open spaces, parks, playgrounds and retail spaces.
“Landmark Group has demonstrated its capacity to deliver quality outcomes and we are confident they will deliver on the vision for Lachlan’s Line.
“With the completion of the major infrastructure that now supports the area, and the sale of stages 2 and 3, Landcom will consider the sale of stage 4 which comprises 17,918 sqm and will support 826 dwellings.
Head of Development at Landmark Group, Joseph Scuderi said we were attracted to the site because we see it as a fantastic opportunity to be able to provide the market with a high-quality residential product, at an affordable price point, in an area that will require greater supply.
“Landmark Group will be able to leverage off the many improvements to the Lachlan’s Line precinct already delivered by Landcom, including all lead infrastructure and services, high-quality public domain spaces, completed regional road infrastructure and the Lachlan’s Line ‘helix’ pedestrian and cycle bridge,” Mr Scuderi said.
“The precinct will become a vibrant community close to the city, providing jobs and sought-after amenities.
“Macquarie Park is one of the most accessible and sought-after residential development locations in Sydney, being close to major amenities and we are proud to be involved in this project.”
Knight Frank Partner, Scott Timbrell said the deal was hugely significant, being one of the largest high-density land transactions in Sydney over the past two years.
“Despite the current lockdown, we are seeing greater confidence in the marketplace this year, which we expect will continue over the next 12 to 24 months, particularly once the state opens up again,” Mr Timbrell said.
“Buyer enquiry has remained strong for development sites in Sydney, and while we have seen more sales activity for small to medium sites, we are now seeing a rise in demand for larger sites.
“For a property of this scale to transact it demonstrates the strength of the market, with buyers keen to snap up development sites on the back of ongoing demand for residential property.
“The appetite for homes in Sydney is only expected to rise once the lockdown ends and borders reopen, and buyers will continue to focus their search on quality developments.”
