- 18,000 sqm precinct located in Macquarie Park
- Sold by Landcom
- Ongoing lockdowns aren't hampering sales
Sydney developer Landmark Group has purchased 18,000 square metres residential site in Sydney’s north.
Sold by New South Wales government agency Landcom, the agency said the transaction was one of the largest high-density land sites sold in the city in the past two years.
Located at 2-5 Halifax Street in the Lachlan’s Line precinct at Macquarie Park, stages two and three are zoned R4 High Density in accordance with the Ryde Local Environment Plan, with a total allowable gross floor area of 82,212sqm with buildings heights of between 33 and 99 metres.
Executive General Manager Projects at Landcom, Tasha Burrell said this sale marks another step towards transforming the former industrial site into homes for this growing region of Sydney.
“Our vision has been to create an attractive, publicly accessible, and connected local destination with apartments, high quality open spaces, parks, playgrounds and retail spaces,” Ms Burrell said.
“With the completion of the major infrastructure that now supports the area, and the sale of stages 2 and 3, Landcom will consider the sale of stage 4 which comprises 17,918 sqm and will support 826 dwellings.”
It could be a good buy, with real estate soldiering on despite ongoing Covid qualms.
“Despite the current lockdown, we are seeing greater confidence in the marketplace this year, which we expect will continue over the next 12 to 24 months, particularly once the state opens up again,” said Knight Frank Partner, Scott Timbrell.
“Buyer enquiry has remained strong for development sites in Sydney, and while we have seen more sales activity for small to medium sites, we are now seeing a rise in demand for larger sites.
“For a property of this scale to transact it demonstrates the strength of the market, with buyers keen to snap up development sites on the back of ongoing demand for residential property.
“The appetite for homes in Sydney is only expected to rise once the lockdown ends and borders reopen, and buyers will continue to focus their search on quality developments.”