This article is from the Australian Property Journal archive
ALAND is set to launch a new $160 million residential apartment project to Sydney’s growing St Marys area.
According to the Sydney property developer, Carson on the Park will be the first major project of its kind in St Marys, delivering 289 one-, two- and three-bedroom apartments across four eight-storey buildings.
“St Marys is one of Sydney’s oldest established suburbs but has yet to go through the kind of transformation that other nearby places like Penrith and Blacktown have experienced,” said Ryan Lane, head of development at ALAND.
“There’s a high population of younger families getting their foot on the property ladder, but also limited options for older people wanting to downsize into something manageable.”
The one-hectare development site was acquired by ALAND in 2021 with a DA approval in place, after sitting vacant for five-years.
“It’s a great site, within easy reach of the St Mary’s train station, as well as Parramatta Road and the Great Western Highway, providing good connection to key employment hubs like Penrith, Parramatta and Campbelltown,” added Lane.
The site sits the centre of St Marys, within close proximity of the St Marys Village Shopping Centre and the Dunheved Golf Club, in addition to being in close range of schools, retail offerings and medical facilities.
One-bedroom apartments are expected to start at $470,000, with two-bedroom configurations starting at $520,000, though these prices are not yet finalised.
“We’re looking forward to bringing the project to the market so we can begin construction as soon as possible. This site has been a local ‘eyesore’ for some time, so it will be great to deliver these contemporary homes and bring new life to the St Mary’s community,” said Lane.
St Marys will be one of the main areas to benefit from the NSW state government’s $19 billion infrastructure investment, leading to projects such as the Metro Western Sydney Line and a new commuter car park for the broader Western Sydney area.
“We believe that Carson on the Park will be the first of many developments to come and this is the perfect opportunity to ‘get in first’ as the area starts to rapidly grow,” said George Tadrosse, CEO of ALAND.
“ALAND’s units have a solid track record for success with a 0.5 per cent vacancy rate. There is a 4.9 per cent average yield for our apartments compared with Sydney’s average yield of 4.1 per cent. We’re confident that buyers of all types will see great opportunity to get their foot on the property ladder.”
The announcement follows the developers move just last week in lodging a $400 million proposal to transform an abandoned former sales outlet in Campbelltown into a mixed-use neighbourhood.
Construction on Carson on the Park is set to begin construction in early-2023.
