Landmark Group snares a piece of Mac Park for $135m
Landmark Group snares a piece of Mac Park for $135m
The NSW Government’s Landcom has sold 1.8ha of development land in Macquarie Park, near North Ryde Sydney Metro station in Sydney’s inner north-west, for $135m.
The site, which forms part of Lachlan’s Line is capable of being developed into 950 apartments and is being acquired by Landmark Group.
Lachlan’s Line is a major urban regeneration project over nine hectares launched in 2013. Fraser’s Australia purchased the station north site, yielding 380 apartments, in 2013. In late 2014, Greenland Australia Investment then secured a 1.2ha, mixed-use site for shops, community facilities and around 900 apartments.
The land, Stage 2 and 3 of the Lachlan’s Line estate, includes four lots between 2656-6397 square metres. Greenland’s Lachlan’s Line holding is part-developed. The parcels spread each side of Halifax Street. All up they can contain about 82,212 sqm – so c950 dwellings assuming an average size of 86 sqm. Towers are expected to rise between c10-30 storeys.
Landcom, the NSW government’s land and property development organisation, first tried to sell stages two and three of the four-stage project in late 2019 but pulled the campaign because of COVID-19. It was put back on the market in March, fielding interest from a number of developers.
The transaction was brokered by Knight Frank agent Scott Timbrell, who said after a sustained period of caution, developers were now chasing larger sites.
“Bigger sites were definitely not talked about for quite some time and the fact this has sold and has sold during the lockdown, is I think really positive,” Mr Timbrell said.
“There’s been a lot more activity, we’ve seen a lot more people come out of the woodwork willing to spend because they’re looking at the market positively.”
Mr Scuderi said location and infrastructure were key to Landmark’s interest.
“Landcom has invested an extraordinary amount of money into roads, pathways and parkland – the public infrastructure is amazing,” he said.
The NSW Government has appointed Community Housing Group, Link Wentworth Housing, to oversee the provision of 95 affordable dwellings on the site. The deal with Landmark will likely incorporate the provision of these homes to Link Wentworth for key workers in the area.
Landmark Group has successfully completed billions of dollars worth of residential, commercial, retail, industrial, medical and club developments across Sydney over the past 20 years.
Landmark and other major apartment developers have been enhancing their quality assurance systems to provide potential purchasers greater peace of mind following several years of consistent headlines pointing to the failures of developers to build quality buildings.
Landmark now engages two separate engineering firms to independently check each other’s design on building structure, as well as all fire, mechanical, electrical and hydraulic services and have dedicated staff for each building for three months after the building is completed to fine-tune the building and be on call to immediately fix any issues identified. The Group currently offer an extended warranty on the building structure to 10 years, from the NSW legislative requirement of 6 years.
Last month, the NSW Government has announced a collaboration to develop a world-first construction assurance tool, to help Fair Trading and the insurance industry access a residential apartment building’s quality and compliance with construction standards.
Landcom’s executive general manager projects, Tasha Burrell, said the sale marked another step forward for the former industrial site.
“Landmark Group has demonstrated its capacity to deliver quality outcomes and we are confident they will deliver on the vision for Lachlan’s Line,” Ms Burrell said.
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REFERENCES
- Landcom sells Sydney site to Landmark Group for more than $135m
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- Landmark Group secure Macquarie Park site for $135m
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- State government banks c$135m from Macquarie Park blocks
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- Landcom sells Sydney site to Landmark Group for more than $135m
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