This article is from the Australian Property Journal archive
STOCKLAND has significantly increased the footprint of its Elara Community in north-west Sydney by purchasing the adjoining 95ha land from Winten Property Group, in a $290 million deal.
Stockland will acquire the property on capital-efficient terms over 30 months. The parcel of land at Marsden Park will be used to expand the existing 198ha Elara development towards the south.
Stockland managing director and CEO Mark Steinert said the North West Sydney Growth Centre remains undersupplied, given the pent up demand for vacant land and the strong underlying fundamentals seen in the corridor.
“It presents us with a unique opportunity to continue development, extend the (Elara) project and maintain strong sales momentum for several more years,” he added.
The existing Elara masterplan will yield more than 2,300 residential lots, with more than 900 old since the project’s launch just over two years ago. It also includes playing fields, a new St Luke’s Catholic Primary School, and kilometres of walking, running and cycling paths.
The land acquired from Winten is expected to add more than 1,500 lots.
“Over the last two years, new land releases at Elara have typically sold out on the day of release,” Stockland CEO residential Andrew Whitson said.
“This acquisition enables us to leverage our existing infrastructure investment in and around the Elara community, while consolidating our brand presence in north west Sydney and extending the life of the project.” Whitson said.
Stockland has lodged a development application with Blacktown City Council and it expects to release the first land for sale within the new parcel in FY17.
Elara is close to the new Ikea, CostCo and Bunnings Warehouse in Marsden Park, and a short drive to Rouse Hill Town Centre, 20 minutes from Blacktown and NorWest Business park and 30 minutes from the Parramatta CBD.
Australian Property Journal
