Even with the challenges presented by the complications of working with heritage-listed land, Redbank at North Richmond has been able to secure an outstanding sales rate that has never been seen before in the region.
Redbank had an initial soft launch in October 2014 and sold all Stage 1 (Yobarnie Rise) lots in only six weeks – without a marketing campaign. From there, the successes for the project have kept coming.
Average prices have now increased from an average of $344,000 for 640 square metres in Stage 1 to $688,000 for 2,000 square metres in the Stage 3 (Belmont) release, and demand is still growing from residents in Hawkesbury, Penrith and Blacktown.
Currently, Redbank has sold over 90 per cent of its Stage 3 release and has obtained Development Approval for Stage 4 (Gallery). Stage 5 (Yeomans) is expected to have an approved DA by the end of this year, and – like the other stages – is on track to sell out before registration.
According to Jock Douglas, the Business Development Manager at Redbank, the success comes from the development’s emphasis on large, spacious lots, open spaces, and the design of the master plan that gives a rural theme to the space.
“Even without a marketing campaign or an official project launch, the development is seeing an average sales rate of 30 lots per month for Stages 3, 4 and 5 and some Stage 1 blocks are now reselling for over $600,000,” Mr Douglas said.
“On top of the open space and lifestyle offered by Redbank, we currently have DA’s in front of council for the town centre, which will include shops, restaurants, a gym and a childcare centre – all of which will continue adding appeal to the development.”
Even though lots in the Redbank at North Richmond development sold quickly and at record prices for the area, the project’s success wasn’t without it’s challenges – most notably was the heritage status of the site.
Dating back to the early settlement of Sydney, the site is surrounded by heritage-listed parklands that are where a Sydney engineer, P.A Yeomans founded sustainable agriculture practices in the form of keyline planning.
Given the heritage status of the site, the development team was particularly careful with the project design and there was a heavy emphasis on choosing the right design studio to deliver the overall heritage master plan.
According to Brent O’Neill, Director and Studio Lead at ML Design, the master plan delivered by the studio adopted the heritage principles left by P.A Yeomans.
“The main facets of Yeomans’ keyline system are heritage protected, and instead of finding a way to design it out, our design team embraced it and created a workable layout that is driven by how water naturally flows through the site,” Mr O’Neill said.
“The result was a masterplan that produced larger lots while taking into account the natural slopes, drainage and existing vegetation of the site – adding to the overall appeal of the development.
“The heritage concepts spread into the community areas with the creation of large, connected parklands that account for approximately 30 per cent of the development. This open space was a major draw card for buyers.”
Alongside the heritage aspect of the design, ML Design also managed to capture 360-degree views of the valley from the development and the master plan was crafted to create a sense of community and to become a modern and active place to live.
“We’re finding that most buyers are planning on building and living in the development themselves – and we credit that to the emphasis the master plan put on community and open spaces,” Mr O’Neill said.
Gordon Douglas, who lead the North Richmond Joint Venture team also believed that the design of the project was the tipping point for turning prospective buyers into lot owners.
“ML Design’s role was pivotal in producing a plan that not only helped us navigate the rezoning through local and state government bodies including heritage, but produced a plan that has had unusual market acceptance. North Richmond, when developed, will prove to be one of the country’s best,” Mr Douglas said.
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