- Landmark has bought Landcom’s 18,000sqm plus residential site in Sydney’s north
- The deal is one of the city’s largest high-density land sites sold in the last two years
- The property consists of two phases of a four-stage development and spans 18,463sqm
- Scott Timbrell, a partner at Knight Frank, described the sale as “hugely significant,” with buyer enquiry for development sites remaining strong
The sale of Landcom’s 18,000sqm plus residential site in Sydney’s north to Landmark has been completed, making it one of the city’s largest high-density land sites sold in the last two years.
In a deal mediated by Knight Frank, Landmark Group bought the land at 2-5 Halifax Street in Macquarie Park’s Lachlan’s Line district for over $135 million, according to the AFR.
The property consists of two phases of a four-stage development and spans 18,463sqm.
According to the Ryde Local Environment Plan, stages two and three are designated R4 High Density, with a total allowed gross floor area of 82,212sqm and building heights ranging from 33 to 99 metres.
Landcom executive general manager for projects, Tasha Burrell, said the transaction marked another step in transforming the old industrial site into houses for Sydney’s growing suburbs.
“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,” she said.
“Landmark Group has demonstrated its capacity to deliver quality outcomes and we are confident they will deliver on the vision for Lachlan’s Line.
“With the completion of the major infrastructure that now supports the area, and the sale of stages two and three, Landcom will consider the sale of stage four which comprises 17,918 sqm and will support 826 dwellings.”
Scott Timbrell, a partner at Knight Frank, said the sale is hugely significant, describing it as “one of the greatest high-density land deals in Sydney in the last two years”.
“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,” he said.
“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.”
Landmark Group head of development, Joseph Scuderi, said the company was drawn to the property because it “sees it as a tremendous chance to provide the market with a high-quality residential product at an accessible price point in an area where more supply is needed”.