Australia’s largest residential developer Stockland has put its sizeable foot on two future precincts in Sydney’s north-west, restocking its pipeline in the undersupplied growth corridor.
After the success of its adjacent Elara masterplanned community, the ASX-listed property giant has jumped the fence to secure an additional 340 lots in Marsden Park.
It has acquired the neighbouring Clydesdale estate landholding from BHL Group, consolidating its presence in the area.
“This is a great opportunity to expand our landholding within Marsden Park with zoned land and extend the sales and development program of our Elara community which has a very strong brand in the north-west growth corridor,” Stockland chief executive of communities Andrew Whitson said.
“The acquisition aligns with our strategy to restock our development pipeline with market-ready projects in well-connected corridors close to transport, schools, jobs and infrastructure.
“This corridor remains significantly under-supplied, and we expect our communities in this corridor to continue to attract good demand from homebuyers in the medium term, with record low interest rates and an increased customer demand for homes in high-quality, master-planned communities.”
Stockland’s latest pipeline addition builds on its $415-million acquisition earlier this year of the undeveloped portion of The Gables estate, Box Hill, from Celestino Developments, owned by the Baiada family. It plans to deliver 1900 dwellings over the life of the project.
Stockland’s New South Wales communities general manager Richard Rhydderch said the company had $8.1 billion invested across the state, and a proven track record in Sydney’s north-west.
“Both Elara and Altrove have proven very popular with homebuyers over the past few years,” he said.
“The acquisition of the Clydesdale estate precincts will see Stockland expand its offering at Elara with a range of housing options, good access to the local infrastructure, services and great parks and open spaces we’ve created at Elara.
“As part of our plans for the site, we will restore the Clydesdale House heritage precinct, and work with local authorities to create an additional open space area for the entire Elara community to access and enjoy.”