Stockland has increased its exposure to Sydney’s strong residential property market with the acquisition of 51.5 hectares of land opposite Schofields Train Station in the North West Growth Centre. Stockland purchased the property, previously marketed as Skylands, for $103.5 million in an off-market transaction.
“It’s rare to find and acquire a site of this scale anywhere in Sydney, but particularly in the heart of the North West Growth Centre, with all approvals in place and ready for immediate development,” added Mr Steinert. “This project reweights our portfolio towards Sydney and broadens our market reach through the delivery of completed homes, townhouses and low rise apartments.”
Stockland expects to launch the new community at Schofields in FY16 with the first settlements in FY17.The community will feature 340 residential lots, 275 townhouses and a 12,000 square metre town centre with retail facilities adjacent to 560 new apartments.
“This development provides us with a second active residential sales front in north west Sydney, complementing our highly successful Elara community, which is under development at Marsden Park,” explained Mr Steinert.
The site is located on the corner of Schofields Road and Railway Terrace, immediately opposite Schofields Train Station and close to proposed new and existing schools, the new business park on Richmond Road and the rapidly improving transport network of north west Sydney. The new community is also located within easy walking distance of a new Woolworths and a proposed new Coles supermarket.
Andrew Whitson, CEO Residential at Stockland, said: “Our latest land acquisition at Schofields will enable us to once again demonstrate our diversified residential and retail development capabilities in a key growth corridor.”
“This is the last major unfragmented parcel of land in the North West Growth Centre. We’re planning to develop a new community that responds to the strong market demand for new house and land packages, completed homes, townhouses and modern apartments that are close to schools, shops, parks, playgrounds and transport.”
Mark Steinert, Managing Director and CEO at Stockland, said: “This is an excellent
strategic acquisition for Stockland that increases our presence in the strongest, new
residential growth precinct in Sydney and expands our medium density offering. This
acquisition, together with other recent property purchases in Melbourne and Brisbane,
demonstrates our ability to acquire sites at appropriate returns in the key growth corridors
across the country.”4
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