This article is from the Australian Property Journal archive
STOCKLAND has consolidated two future precincts in the Marsden Park development site, beefing up its presence in the north western Sydney growth area.
The two future precincts are within the Clydesdale Estate residential development in Marsden Park from BHL Group.
Clydesdale Estate is zoned residential and sits across from Stockland’s existing Elara master planned community.
“This is a great opportunity to expand our landholding within Marsden Park with zoned land and extend the sales and development program of our Elara community which has a very strong brand in the north-west growth corridor,” said Andrew Whitson, CEO of communities at Stockland.
This follows Stockland’s recent acquisition of The Gables at Box Hill, with the group in 2020 spending $415 million for the undeveloped portion of $4 billion master planned community.
“The acquisition aligns with our strategy to restock our development pipeline with market-ready projects in well-connected corridors close to transport, schools, jobs and infrastructure,” added Whitson.
The acquisition will add 340 new lots to Stockland’s portfolio in Sydney’s north-west growth corridor.
“This corridor remains significantly under supplied, and we expect our communities in this corridor to continue to attract good demand from homebuyers in the medium term, with record-low interest rates and an increased customer demand for homes in high quality master-planned communities,” said Whitson.
In August of last year, Stockland was left renegotiating the terms of its $398 million acquisition of 184-hectares of Marsden Park land, following stalled zoning changes.
That Elara-adjacent acquisition, was set to enable Stockland to develop around 2,000 new residential lots.
“The acquisition of the Clydesdale Estate precincts will see Stockland expand its offering at Elara with a range of housing options, good access to the local infrastructure, services and great parks and open spaces we’ve created at Elara,” Richard Rhydderch, said general manager of NSW communities at Stockland.
Stockland currently has $8.1 billion invested across its New South Wales portfolio, including successful north-west Sydney communities including Altrove at Schofields and Elara.
“As part of our plans for the site, we will restore the Clydesdale House heritage precinct, and work with local authorities to create an additional open space area for the entire Elara community to access and enjoy,” concluded Rhydderch.
