A Lachlan’s Line development site, one of the largest high-density land sites sold in Sydney over the past two years, has been snapped up by Landmark Group for more than $135 million.
The premium 18,463sqm plus residential site, located at 2-5 Halifax Street in the Lachlan’s Line precinct in Macquarie Park, spans four lots and consists of two stages of a four stage development.
The site is set to become home to as many as 950 apartments across six to nine buildings to be completed by Landmark over the next ten years.
“Macquarie Park is one of the most accessible and sought-after residential development locations in Sydney and we will now be able to leverage off the many improvements to the Lachlan’s Line precinct already delivered by Landcom,” said Joseph Scuderi, head of development at Landmark Group.
Scott Timbrell from Knight Frank facilitated the deal on behalf of vendor Landcom, the state government’s land and property development organisation, noting the continued strength of buyer enquiries for development sites in Sydney.
“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,” said Timbrell.
The two stages (stages 2 and 3) are, in line with the Ryde Local Environment Plan, zoned R4 High Density allowing for a total gross floor area of 82,212sqm and buildings built up between 33 and 99 metres.
“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,” said Tasha Burrell, executive general manager of projects at Landcom.
According to Burrell, the sale brings Lachlan’s Line one step closer to moving from a former industrial site to a residential region.
“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,” said Burrell.
Landmark plans to see the site become a high-quality residential project offered to a market that will need further supply at an affordable price.
“Landmark Group will be able to leverage off the many improvements to the Lachlan’s Line precinct already delivered by Landcom, including all lead infrastructure and services, high-quality public domain spaces, completed regional road infrastructure and the Lachlan’s Line ‘helix’ pedestrian and cycle bridge,” said Scuderi.
According to the 2013-launched masterplan, Lachlin’s Line is expected to house around 2,700 dwelling for around 5,000 residents, while also boasting open spaces, parks and retail offerings and easy access via public transport and the M2 Motorway.
“Macquarie Park is one of the most accessible and sought-after residential development locations in Sydney, being close to major amenities and we are proud to be involved in this project,” concluded Scuderi.