- Landcom sold the sites to local developer Urban Property Group
- Thornton sale covers three lots totalling 8,280sqm
- Edmonson park sale covers five sites totalling 51,634sqm
The sale includes sites at Thornton in Penrith along with a portion of Precinct 9 at Edmondson Park.
The Thronton sale covers three lots that total 8,280sqm which will be home to 240 new dwellings built with large commercial and retail spaces. Thornton was home to a former Department of Defence site, with the development ten years in the making.
The Precinct sale covers five sites, covering 51,634sqm. This area will be home to 605 new townhouses and apartments.
The total sale price has not been disclosed.
John Brogden, Landcom CEO, said the sales reflects the strength for both apartment and detached house sites, given constrained supply.
“Enquires for our development sites have remained strong, and while we have seen more sales activity for small to medium sites, we are now seeing a rise in demand for larger sites, including super lots,” he said.
“The Thornton development helped change the face of housing in Western Sydney by delivering a range of innovative and diverse housing choices that respond to changing needs and market demographics.
“When we started the process 10 years ago no one was building terraces, loft apartments or courtyard homes in Western Sydney, and now we have more than 2,000 homes, ranging from innovative small-lot housing to apartments, with more than 5% provided as affordable housing.
Mr Brogden added that by catering to the market and offering diversity, the team had been able to create a thriving local community and he is confident the Urban Property Group will continue this vision.
“Likewise, Urban will unlock the next stage of development at Edmondson Park to create brand-new homes for people,” he added.
Honour to be selected, says CEO
Urban Property Group CEO, Patrick Elias, said it was an honour to be selected to deliver the next stage of the Edmondson Park development, along with the last lot in Penrith.
“Landcom’s vision of creating communities through high amenity housing has laid the foundations for great developments and this gave Urban Property Group the conviction to make these acquisitions.” Mr Elias said.
“Our vision for Edmondson Park is much bigger than just housing. Beautiful architecture, high amenity housing, open green spaces and better energy efficiency will lead to not only exceptional design but also encourage a greater sense of community.
“We believe that the end product will generate a great deal of excitement for the area.”
Mr Elias added that the team is excited to deliver the mixed-used vision of the Thornton development.
“We look forward to activating this precinct by introducing exciting retail opportunities bringing a vibrant lifestyle to the area and setting a higher benchmark for affordable living.”
The deal was facilitated by Colliers International, with Eugene White commenting that both properties were highly sought after.
“Landcom should be commended on their stewardship of the Edmondson Park masterplanning that will see the continued evolution of the precinct into a desirable place to live with a diversity of housing types anchored by an exciting retail precinct, expansive parklands, Edmondson Park Train Station and a future primary school.” said Mr White.
Fellow Colliers colleague Harry Bui added that developers see the opportunity in the Penrith region given its relaxed lifestyle and proximity to the Nepean River and Blue Mountains.
“The future opportunities are many and will stem from its location as the northern gateway to the future Western Sydney Airport and the continued evolution of hubs like “The Quarter” an expanding health and education precinct.”