ALAND launch The Gladstone Village, Merrylands precinct
Leading NSW developer, ALAND, is officially launching their $800 million master-planned precinct in Merrylands, in Sydney’s west.
There has already been strong demand for the first stage of the project, with the prime 2.5-hectare site, located adjacent to the Merrylands train station, set to deliver 365 apartments across three buildings, up to 20 storeys in height.
The Gladstone Village is a rare offering for Merrylands and one of the last remaining pockets along Sydney’s rail network to be developed.
Complete with quality Fisher & Paykel appliances, designer Grohe tapware and stone bench tops, each residence has been carefully designed to maximise on space, light and comfort.
"It is the first development of its kind in the suburb within enviable proximity to Stockland Merrylands and the train station and bus terminal,” ALAND CEO George Tadrosse said.
With a number of compounding factors influencing the current Sydney property market, including a lack of supply of new housing, ALAND is in a strong position to deliver the majority of apartment stock in Western Sydney.
"ALAND has over 1,200 dwellings under construction at any time, with a strong market share across the western corridor. Despite ongoing supply chain issues, we have managed to secure enough stock, material and labour to maintain optimal efficiency to meet our pipeline demand."
"Additionally, buyers priced out of the housing market are seeking more affordable properties, further fueling demand for quality and centrally-located apartments.” Tadrosse added.
The apartment market in Merrylands is showing heightened demand according to ALAND, with older residents looking to downsize and working professionals seeking accommodation close to employment.
"The Merrylands suburb is an undervalued pocket in comparison to its surrounds – which is a huge opportunity for buyers. It is also an attractive suburb to investors because it is only a short distance to Parramatta CBD, world-class education precincts and an array of employment hubs,” said Bianca Anton, ALAND General Manager.
With a high proportion of tenants currently renting in Merrylands, investors can expect stable occupation rates and a choice of prospective tenants who hold professional occupations.
"In 2020, approximately 31 per cent of people in households within Merrylands were aged between 25 to 39 which is 25 per cent higher than the Greater Sydney Metropolitan area. The area boasts strong demand drivers for younger singles and coupes, including proximity to jobs, public transport and amenities,” Anton commented.
Western Sydney, as a region, is currently seeing declining vacancy rates and increasing rents which provide the ideal environment for investors.
The first stage already has approval for 365 apartments set across three buildings and will include approximately 2,600 sqm of retail and commercial space, plus basement car park. It will comprise 17 studios, 98 one-bedroom, 219 two-bedroom, and 31 three-bedroom apartments.
"The remainder of the development is set to undergo additional planning with current controls currently allowing for a mix of retail, residential and commercial assets surrounding 5,000 sqm of internal parkland and open space totalling 6,000 sqm.” said CEO Tadrosse.