BlueScope banks $76m for housing site
EXCLUSIVE
Steelmaker BlueScope has struck another surplus land deal – selling a major residential development site.
The 31 hectare parcel at Stream Hill, in the West Dapto Urban Release Area, in Wollongong, found favour with NEX Property which is planning more than 400 homes.
The ASX-listed vendor recently disclosed it agreed to sell a 33ha portion of its West Dapto holding for $76 million as part of its land monetisation program, with settlement expected in the second half of FY26.
While neither party identified the consideration in announcing the NEX acquisition today, it appears to be the same sale.
Stream Hill is 14 kilometres south-west of Wollongong’s CBD.
Major Wollongong development
BlueScope has been accelerating the sale and development of its 1200ha surplus land portfolio – the strategy intended to unlock shareholder value through outright sales, development partnerships and leasing initiatives (continues below).
NEX will lodge a development application in coming months.
At the corner of Paynes and Shaeffes roads, the estate will deliver a mix of lot sizes and housing through McDonald Jones Homes and Mojo Homes.
The acquisition comes as the Illawarra’s housing pipeline continues to expand alongside plans to redevelop former industrial land around Port Kembla.
The NSW Government late last year backed long-term plans to transform more than 400ha of former BlueScope and Port Kembla land into a major mixed-use precinct with capacity for thousands of homes.
More to come.
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