Apr 12 2019Add to Favorites
Residential developer Legacy Property is set to commence a syndicated equity raise for its 7thand final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve-month construction period.
The western Sydney market, including Caddens Hill continues to perform strongly, underpinned by a lack of supply, historically low-interest rates and strong population growth. Legacy view settlement risk at Caddens Hills as an unlikely threat due to the quality and location of the project and the strong settlement rates experienced across Stage 5 in early 2019.
Legacy Property has $3bn of projects completed and in progress consisting of c.3,600 dwellings. 15 projects have been completed with another 7 underway, gross completed values range from $85m to $248million for each project.
Caddens Hill is a UDIA award-winning 588-lot residential community, located in Sydney’s west, in close proximity to the M4 motorway, the University of Western Sydney , Nepean Hospital, Penrith center and local train stations. In 2016 Legacy Property identified the Penrith market as supply constrained with strong amenity and transport connections and initially acquired the 28-hectare site before strategically acquiring 4 additional parcels to expand the holding to 35 hectares.
Caddens Hill Stage 7 comprises 45 lots when complete with construction and subdivision works due to commence in Q3 2019. To date strong sales results have been achieved with 60% of the Stage 7 lots pre-sold.
“The Caddens Hill project has received more than 4000 buyer enquiries, sold 570 lots in less than two years and continues to see strong settlement rates with a default rate of only 1%,” says Matthew Hyder, CEO of Legacy Property.
Prices at Caddens Hill range from $301,000 to $678,000 and vary in size from 221m² to 749m² with Stage 1 pricing commencing at an average of $1,065/m² and stage 6 pricing commencing at an average rate of $1,195/m². The steady price growth over each of the 6 stages has been driven by the quality of the design, local amenity, more than 13 acres of parks and playing fields and affordable price point catering to a wide demographic.
“There is no doubt the residential market has softened however the house and land and apartment markets tend to behave differently,” says Hyder.
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