UrbanGrowth NSW together with Roads and Maritime Services has concluded the sale of a premium 9.45ha site at Wentworth Point to an international property developer.
Sold to Sekisui House, the Hill Road parcel is one of two distinct but connected waterfront neighbourhoods that make up “The Peninsula”, at the northwestern end of Wentworth Point.
The site sits within the Parramatta local government area, can accommodate up to 2,000 new apartments, and has around 400m of north facing river frontage.
“In a tightly contested bidding process, the independent panel felt that Sekisui House offered the superior vision for the precinct,” said UrbanGrowth NSW Head of Western Sydney Projects Portfolio, Matt Beggs.
“Sekisui House has demonstrated its capacity to work with government, and we’re confident we’ll see some quality outcomes delivered at Wentworth Point.
“This sale marks another step towards realising the NSW Government’s vision for Wentworth Point, providing more employment opportunities and homes for this growing region in Sydney.”
The new precinct will include an upgraded, remediated foreshore link, seawall repairs, a series of publically accessible pocket parks and a road subdivision. At the same time as it makes its apartment development applications, Sekisui House will be required to forward fund contributions to necessary community infrastructure to support the new population.
The site was rezoned by the Department of Planning and Environment in 2014 to allow for a mix of uses including high density residential. UrbanGrowth NSW, on behalf of Roads and Maritime, obtained the planning approvals for the enabling infrastructure and estate major works.
The disposal process commenced in late 2015, and was conducted via a two stage international tender facilitated by Colliers International.
Director Maritime at Roads and Maritime Services Angus Mitchell said all proceeds of the sale will be directly invested into the NSW Waterways Fund.
“This is a significant outcome for the NSW Maritime community with proceeds to directly support the delivery of the NSW Government’s maritime program of work which includes boating safety initiatives across the state, waterway access, infrastructure improvements and customer services delivered by Roads and Maritime and Transport for NSW,” Mr Mitchell said.
Roads and Maritime will continue working towards securing the marina approvals for the Burroway Road site before it returns to market.