Maas Group buy Lithgow district residential development site
The 33 hectare property was sold by a family to the ASX-listed Maas Group Holdings
A Lithgow land parcel with 78 residential building lots has been snapped up by the ASX-listed Maas Group Holdings.
It intends to undertake a residential development at the site, some 140kms west of Sydney.
The 33.12 hectare property at 33 Magpie Hollow Road in South Bowenfels, on the western outskirts of Lithgow.
It was sold for $8.4 million in a deal negotiated by Mark Litwin and Grant Bulpett of Knight Frank.
It was sold by a family, who were long-time owners of the property.
“It is expected demand for this development will be high as we have seen a strong ‘flight to country’ develop through COVID, with people increasingly looking outside of the CBD and metro markets for new places to live that will provide a more relaxed lifestyle," Bulpett said.
He added the purchase was "strategic" given the recently announced investigation into an 11- kilometre Blue Mountains tunnel, which would provide better access to the Lithgow area by reducing travel times.
“Increased links to and from markets will always drive value,” he said.
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.
