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Metro snaps up another South West Sydney residential site

Property Markets / Transactions

Australia

Mar 21 2017

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Metro Property Development has acquired its second development site in South Western Sydney purchasing a 60,000 sqm site in the emerging suburb of Spring Farm.

Located at 71 Springs Road in the Camden Shire, the site has an existing DA approval for 74 individual house and land lots sized from 383 to 650 square metres. It is situated within the Western Village of the Spring Farm Master Planned Estate, a short distance from Spring Farm Shopping Centre and was formerly part of a Mirvac project.

Metro Property will package and sell each lot as a full turnkey house and land offering through its building arm Creation Homes. The project is expected to launch early in late April, 2017 with an average lot price of $436,000 or $680,000 to $795,000 for a house and land package.

“This site represents one of the few available land parcels in this growth area in South West Sydney with lots of major players active in the region including Urban Growth and The Cornish Group. We have has been looking to acquire more land after the success of our Eden project in the neighboring area of Catherine Field,” said Phil Leahy of Metro Property Development.

“Housing affordability remains an on‐going issue across the greater Sydney market and we have found many savvy buyers are opting to relocate to these emerging growth areas seeking to secure an affordable, high‐quality brand new home.”

Since mid 2016, Metro Property has sold more than 125 house and land packages in its 150‐lot Eden project located at 719‐735 Camden Valley Way.

Metro Property has seen rapid sales achieved since launching Eden, with an average price of $755,000 achieved. Buyers have included a mix of first home buyers including families and couples from nearby local areas and from suburbs including Kogarah, Hurstville, Canterbury, Liverpool, Fairfield and Bankstown.

The new Spring Farm site is a short distance from Camden and in close proximity to the new Narellan town centre, both M5 and M7 motorways. It is a short drive an easy drive to the proposed airport at Badgerys Creek and the proposed train stations at Narellan and Oran Park. Construction of the homes is expected to commence later this year with overall completion in late 2018.

 

 

About Metro

Metro Property Development is an integrated residential property developer and wholesale homebuilder with a national platform. Since forming in 2010, under the leadership of founding directors Luke Hartman, David Devine and Ken Woodley, Metro has delivered more than 5,000 homes and apartments across Australia and has a future development pipeline valued at more than $3.5 billion.

SOURCE: Press Release

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