UrbanGrowth NSW decided to bring forward the sale of a 1.35 hectare ‘superlot’ of land in the Green Square Town Centre to accelerate the development of Green Square Town Centre, with a Tender campaign starting in May.
The superlot wasn’t scheduled for development by UrbanGrowth NSW and Mirvac for up to 8 years. The sale will bring the entire Green Square Town Centre closer to completion earlier.
“We are bringing forward the sale of the Stage 4 superlot to bring the precinct to life and establish a “sense of place” for Green Square by enabling the early completion of the heart of the Town Centre some five to ten years ahead of schedule,” said UrbanGrowth NSW Chief Executive, David Pitchford.
“The decision follows the successful launch of Stage 1 – 462 apartments in the Ebsworth, No 8 Ebsworth and Ovo buildings – which was over 95% pre-sold within the first weekends of release. It also recognises the benefit to future residents of those apartments, as well as neighbouring residents, if Stage 4 were brought forward.
“Selling Stage 4 is a demonstration of our confidence not only in the Sydney residential market but, more importantly, in our vision for Green Square Town Centre.
“Beyond Green Square itself, the bringing forward of the sale of Stage 4 is good news for the broader economy, delivering jobs and amenity to the people of Sydney,” Mr Pitchford added.
The Stage 4 superlot sits on the southern boundary adjacent to where the plaza and the library will be built, with Stages 1 and 2 to the north. Construction of Stage 1 has started with the residential building Ebsworth and the ‘high street’ which will comprise shops, cafes and restaurants while planning is now underway on Stage 2.
The decision to bring forward the sale was supported by the Boards of UrbanGrowth NSW and its delivery partner, Mirvac.
“This sale of Stage 4 presents an opportunity for accelerating the delivery of Green Square Town Centre earlier than anticipated and will bring the precinct to life and establish a “sense of place” for Green Square sooner than expected,” said Mirvac CEO and Managing Director Susan Lloyd-Hurwitz.
“Green Square is important to UrbanGrowth NSW and the NSW Government, as it is the first urban transformation project to start construction and deliver new dwellings and jobs for a growing Sydney,” Mr Pitchford said.
“It is a great example of what urban transformation can offer and it shows that there is a strong appetite for homes, jobs, entertainment and leisure close to public transport and the Sydney CBD.”
Stage 4 provides about 100,000sqm of floor area with an equal mix of commercial and residential (around 600 apartments) and comprises approximately 25% of UrbanGrowth NSW’s total landholding at Green Square Town Centre.
Jones Lang La Salle (JLL) has been appointed to sell Stage 4 by Tender.