Stockland has sold a town centre development site in north west Sydney to Eildon Funds Management for $8.85 million.
Elara Village was only permitted for construction last month.
Upon announcing that, the owner also revealed it secured Coles as anchor tenant.
The 8622 square metre complex will include a childcare facility, medical centre, gym, as well as retail.
The 2.53 hectare block will be laid with about 350 car parks.
Colliers International’s James Wilson and Alex James-Elliott said their campaign attracted suitors intending to develop and retain the asset.
This attitude differs from the norm, they added, where more prospective purchasers intending to flip the asset upon completion would have contested.
Stockland’s Elara approaching 10 years
In Marsden Park, 50 kilometres from town, the shopping centre will form part of the $1.9 billion Elara housing estate, being developing in stages since 2014.
Stockland acquired a 163ha parcel now making way for it in 2012; four years later it expanded, paying Winten Property Group $290m on deferred terms for a 95ha block.
It later acquired another tract bringing the holding to 278ha (story continues below).
By 2031, about 31,000 people are expected to call the region home.
Melbourne based EFM is scheduling to open Elara Village late next year.
“Stockland will continue to work closely with EFM and Blacktown City Council during the delivery of the neighbourhood centre and council Community Centre as the mater developer of the Elara community,” a spokesperson added.
Master-planned leafy, Stockland will build an Aspire at Elara, too
“Elara is one of the most sought-after communities in New South Wales, with buyers drawn to its affordability, location, green spaces and proximity to local employment centres, education facilities and recreational areas,” Stockland said when the development proposal was approved.
“This new shopping centre will take the community another step closer to being one of the best places to raise a family in Sydney”.
Coles is intending to develop a market-style produce hall within its Elara Village space.
The precinct has been master-planned with tree-lined streets – already starting to grow – and 40ha of parks. It has Blue Mountains views.
An over-55s community, which will be retained by Stockland’s aged care arm, Aspire, also forms part of the design.
Schofields train station is six kilometres away while Blacktown’s is twice that.
Elara is close to the M7 which connects commuters to the M2 and M4.