Stockland is banking $8.85 million selling a town centre development site in north west Sydney to Eildon Funds Management.
Elara Village was only permitted for construction last month.
At that time, the owner also revealed it secured Coles as anchor tenant for the 8622 sqm complex which is additionally configured with a childcare facility, medical centre, gym, specialty shops and food court.
The 2.53 hectare block will contain about 350 car parks, too.
Colliers International’s James Wilson and Alex James-Elliott said their public campaign attracted a number of local and interstate suitors intending to develop and retain the asset in “a rapidly evolving…corridor”.
This 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 the city, the retail investment forms part of the $1.9 billion Elara housing estate being developing in stages since 2014.
Stockland acquired a 163 parcel now making way for it in 2012; four years later the owner extended the parcel paying Winten Property Group $290m on deferred terms for an adjoining 95ha block.
It then acquired another tract to bring the project holding to 278ha.
All up, by 2031, about 31,000 people are expected to call the region home.
EFM, which is headquartered in Melbourne, 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 for the vendor, 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.
Elara has been master-planned with tree-lined streets – already starting to grow – and 40ha of parks with 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 also close to the M7 which connects commuters to the M2 and M4.