Metro spends c$275m on permit-ready sites
Metro Property is continuing to stock its residential development pipeline, spending c$275 million on two permit-ready Sydney blocks.
In the biggest deal, the group is paying Lendlease a speculated $220m for the balance of the Bingara Gorge estate, in Wilton, about an 80 kilometres drive south west of the CBD.
The parcel has the potential to yield 900 lots.
Lendlease has already delivered about this many homes.
The 200 hectare master-planned community, built around a Graham Marsh designed golf course and village centre, incorporates c120ha of bushland.
A spokesperson confirmed the sale agreement, with settlement scheduled in the next six to eight weeks.
Lendlease appointed Biggin & Scott Land’s Frank Nagle and Colliers to market the block in March – six months after a deal to Poly Global’s local arm (Poly Australia) fell through.
Pemulwuy
In a second deal, Metro is understood to be paying $55m to Revelop and Mintus for an 11.5ha tract at Pemulwuy – about 10 kilometres west of Parramatta (story continues below).
This property has been marketed for its potential to make way for 141 lots – between 300-527 square metres.
It can also accommodate medium density product.
CBRE’s Alex Mirzaian was the agent.
The disposal comes a year since the same vendors sold a three hectare site in the suburb – with the potential to yield 300 apartments in eight mid-rise buildings – for c$36m.
Metro managing director Luke Hartman told the AFR the company is building its development pipeline given the strong sales of its projects.
The group has been acquisitive in Melbourne, too – in March outlaying $48m for a low density housing estate site at Point Cook – another deal negotiated by Biggin & Scott Land’s Frank Nagle.
North of the Victorian capital, the builder recently acquired parcels in Northcote and Preston, the latter from failed builder, Steller.
At inner-city Ascot Vale, Metro late last year spent $11m on a 5712 sqm property permit-ready for 38 townhouses.
