This article is from the Australian Property Journal archive
BOYUAN Holdings (BHL) has completed the sale of chunks of the Clydesdale residential development at western Sydney’s Marsden Park to Stockland.
The masterplan for precinct 2 and 4 of the project provides for a mix of traditional land lots, detached and medium-density dwellings as well as the restoration of the Clydesdale House heritage precinct.
BHL noted in its preliminary final report in February it had entered into a contract to sell precinct 4 for $6,250,000. It comprises of a heritage building owned by wholly-owned subsidiary Cyan Stone Clydesdale Trust, and residual land owned by related party Cyan Stone Clydesdale Development Trust.
The heritage-inspired development on Richmond Road spans five integrated precincts, featuring a range of housing options, parklands, playgrounds and bike paths.
“Following the success of precinct 1 of the Clydesdale development last year and commencing the development of precinct 3, the BHL has taken the opportunity to capitalise on the high-demand for quality land assets in western Sydney and sell precinct 2 and 4,” BHL chief operating officer Paul Hourigan said.
“The divestment of the asset releases capital and aligns with BHL’s long-term business strategy of focusing on major land sub-divisions and enterprise projects in high-growth corridors in western and south western Sydney.”
BHL will use the funds from the sale “to explore other investment opportunities in our key markets”.
In June, BHL announced it had recruited former AMP Capital executive Andrew Quade to bolster its capabilities in the industrial property sector, in particular its involvement with the employment, logistics and mixed-use precinct spanning 344 hectares next to western Sydney’s future airport.
The Badgerys Creek site sold for $499 million earlier this year to a new owner linked to BHL, operating as Roberts Jones Funds Management, three years after vendors the Medich family came to an initial transaction agreement with BHL.
However, the acquisition was never completed. At the time, Boyuan proposed the Northern Gateway master-planned project, which it said would deliver 38,000 jobs and $14.3 billion to the region’s economy, and was to be developed by a consortium that included Western Sydney University, Scentre Group, and surgeon Charlie Teo.
