Landmark Group spends $135 million for Lachlan's Line, Macquarie Park apartment site

Landcom's executive general manager projects, Tasha Burrell, said it was one of the largest high-density land sites sold in the city in the past two years
Landmark Group spends $135 million for Lachlan's Line, Macquarie Park apartment site
Jonathan ChancellorAugust 30, 2021

Landmark Group has paid Landcom more than $135 million for a 1.8-hectare high-density site at Lachlan's Line at Macquarie Park.

The inner north-west site was likely t have up to 950 units across six to nine buildings over the next decade.

The sale by Landcom, the NSW government's land and property development organisation, was cnfirmed by Landcom's executive general manager projects, Tasha Burrell.

It was one of the largest high-density land sites sold in Sydney in the past two years.

The site, at 2-5 Halifax Street in the Lachlan’s Line precinct at Macquarie Park, was purchased by Landmark Group in a deal facilitated by Knight Frank.

"Landmark Group has demonstrated its capacity to deliver quality outcomes and we are confident they will deliver on the vision for Lachlan's Line," Ms Burrell said.

"With the completion of the major infrastructure that now supports the area, and the sale of stages two and three, Landcom will consider the sale of stage four, which is 17,918sq m and will support 826 dwellings."

Frasers Property Australia was the first to buy at Lachlan's Line in 2013, then in late 2014, Greenland Australia secured a 1.2-hectare, mixed-use site.

It has so far developed 584 apartments, eight townhouses and 4500sq m of retail, including a Coles supermarket.

Landmark's site is zoned R4 High Density in accordance with the Ryde Local Environment Plan, with a total allowable gross floor area of 82,212sqm with buildings heights of between 33 and 99 metres.

Head of development at Landmark Group, Joseph Scuderi said they were attracted to the site because we see it as a "fantastic opportunity to be able to provide the market with a high-quality residential product, at an affordable price point, in an area that will require greater supply."

“Landmark Group will be able to leverage off the many improvements to the Lachlan’s Line precinct already delivered by Landcom, including all lead infrastructure and services, high-quality public domain spaces, completed regional road infrastructure and the Lachlan’s Line ‘helix’ pedestrian and cycle bridge,” Mr Scuderi said.

“The precinct will become a vibrant community close to the city, providing jobs and sought-after amenities.

“Macquarie Park is one of the most accessible and sought-after residential development locations in Sydney, being close to major amenities and we are proud to be involved in this project.”

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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