- Landcom has successfully concluded the sale of development sites at Thornton in Penrith, and a portion of Precinct 9 at Edmondson Park to Urban Property Group in a deal facilitated by Colliers international.
- The sale of Thornton covers three lots totalling 8,280m² and will see around 240 new dwellings built with large retail and commercial spaces.
- The sale of Precinct 9 at Edmondson Park covers five sites totalling 51,634 m². The site will see a mix of both Townhouses and apartments and will result in around 605 new dwellings built.
Landcom CEO John Brogden said these sales demonstrate the strength of the market, with buyers keen to snap up development sites off the back of ongoing demand for residential property.
“The pandemic has shown the strength of the demand for both apartment and detached house development sites, especially with constrained supply,” Mr Brogden said.
“Enquires for our development sites have remained strong, and while we have seen more sales activity for small to medium sites, we are now seeing a rise in demand for larger sites, including super lots.
“The Thornton development helped change the face of housing in Western Sydney by delivering a range of innovative and diverse housing choices that respond to changing needs and market demographics.
“When we started the process 10 years ago no one was building terraces, loft apartments or courtyard homes in Western Sydney, and now we have more than 2,000 homes, ranging from innovative small-lot housing to apartments, with more than 5% provided as affordable housing.
“By catering to the market and offering people diversity and innovation we have been able to create a thriving local community, and we are confident Urban Property Group will continue to deliver the vision for Thornton.
“Likewise, Urban will unlock the next stage of development at Edmondson Park to create brand-new homes for people.”
Patrick Elias, CEO of Urban Property Group, said “it is an honour to be the selected party for the next stage of development at Edmondson Park as well as the last remaining lot in Penrith.
“Landcom’s vision of creating communities through high amenity housing has laid the foundations for great developments and this gave Urban Property Group the conviction to make these acquisitions.” Mr Elias said.
“Our vision for Edmondson Park is much bigger than just housing. Beautiful architecture, high amenity housing, open green spaces and better energy efficiency will lead to not only exceptional design but also encourage a greater sense of community. We believe that the end product will generate a great deal of excitement for the area.
“Urban Property Group is similarly excited for the potential of the Thornton development.
“We have a mixed-used vision for the site given its exceptional position neighbouring Penrith Train Station with its convenient access to amenities.
“We look forward to activating this precinct by introducing exciting retail opportunities bringing a vibrant lifestyle to the area and setting a higher benchmark for affordable living.”
Commenting on the sale Colliers International said they were delighted to work with Landcom on these two landmark land sales. Both properties were highly sought after and drew significant attention from the market.
“Landcom should be commended on their stewardship of the Edmondson Park masterplanning that will see the continued evolution of the precinct into a desirable place to live with a diversity of housing types anchored by an exciting retail precinct, expansive parklands, Edmondson Park Train Station and a future primary school.” said Colliers Eugene White.
With regard to Thornton, Harry Bui from Colliers said that “Developers see the opportunity in Penrith on so many fronts. Penrith provides a wonderful, relaxed lifestyle that benefits from its location on the Nepean River and its gateway location to the Blue Mountains. The future opportunities are many and will stem from its location as the northern gateway to the future Western Sydney Airport and the continued evolution of hubs like “The Quarter” an expanding health and education precinct.”
The sale of the site at Thornton marks the end of a successful 10-year development which has transformed the former disused Department of Defence site into a thriving community.
The sale to Urban Property Group covers three lots totalling 8,280m² and will see around 240 new dwellings built with large retail and commercial spaces.
Thornton is a 40ha greenfield site which has been transformed to offer a mix of more than 2,000 homes, ranging from innovative small-lot housing to apartments.