This article is from the Australian Property Journal archive
ALAND will deliver an $800 million master-planned precinct in western Sydney’s Merrylands after picking up a site formerly owned by beleaguered developer Dyldam.
The project, formerly known as The Opera, was bought by Aland for $75 million. It was one of eight sites put up for sale after receivers were appointed to 22 Dyldam companies nearly a year ago.
The precinct will deliver around 1,200 residential apartments over multiple buildings with a rooftop pool and gardens. Dyldam unveiled the project and received planning approval in 2018, but only minor earthworks have been undertaken on the site so far.
The first stage of the 2.5-hectare development site at 224-240 Pitt Street is currently being rebranded and is scheduled to be released by Aland early in 2022. It has approval for 365 apartments set across three buildings and will include 2,600 sqm of retail and commercial space, plus basement car park.
Among the dwellings are 17 studios, 98 one-bedroom properties, 219 two-bedroom properties and 31 three-bedroom properties.
The stage will also include a ground floor central communal space plus two rooftop areas with pool, terrace, barbecue with picnic and seating area, and a communal vegetable and herb garden.
“In terms of location, you couldn’t find better with the site being within strolling distance to a major retail hub and train station, as well as being moments to the beautiful Holroyd Gardens with playgrounds, bike tracks and picnic areas and only a few minutes’ drive to Parramatta’s CBD,” Aland head of development, Ryan Lane said.
Aland’s other projects include a 47-level apartment tower in Parramatta, and has 1,200 apartments under construction throughout western Sydney.
Harry Triguboff’s Meriton Group bought another Dyldam site for in January from receivers, paying $68.5 million for 2.8 hectares of land in Carlingford.
Dyldam was kicking off construction on more than 2,200 units in New South Wales, with a pipeline worth over $1.1 billion, when its companies were placed into the hands of administrators HLB Mann Judd on New Year’s eve owing creditors $510 million. McGrath Nicol then repossessed eight development sites.
They included the $150 million Dover project in Fairfield, the Chalk Hotel in Brisbane, and multiple western Sydney sites.
Multiple Dyldam companies had collapsed since 2019 following a financial dispute between founder Joe Khattar and his brother-in-law and Dyldam CEO Sam Fayad. Creditors voted for a deed of company arrangement in February.
