This article is from the Australian Property Journal archive
SUNLAND has snapped up a 6.053ha development site in Ingleside in Sydney’s Northern Beaches from the New South Wales government for $7.25 million plus GST.
The site was acquired by government tender and comprises two land parcels located at 169 and 169a Mona Vale Rd Ingleside, 27km north-east of the CBD.
Managing director Sahba Abedian said the Ingleside siteis earmarked for a residential development of approximately 70 dwellings with an estimated end value of $82 million.
“This acquisition demonstrates our continuing confidence in Sydney’s thriving Northern Beaches market, where there is strong demand for boutique luxury housing,” Abedian said. “We are continuing to monitor the market for opportunities to acquire strategic, premium infill sites located within established growth corridors,”
Abedian said the group anticipates it will be in a position to lodge a Development Application in late 2016, pending the proposed rezoning of the land as part of a review being undertaken by Pittwater Council and UrbanGrowth NSW.
This acquisition is Sunland’s purchase in Sydney’s prestigious Northern Beaches and increases the group’s Sydney portfolio to more than 420 dwellings with an estimated end value of $408 million.
It also increases Sunland’s national portfolio to in excess of 6,000 lots with an estimated end value of $3.8 billion.
Australian Property Journal
