Sekisui House is paying $104 million for a master-planned housing estate site (image, top) at Norwest, at the Baulkham Hills suburb border.
The deal reflects a major windfall for the vendor, Aqualand, which paid the Sisters of St Joseph $80m for the Mackillop Drive property in 2017; that vendor held it over five decades.
About 7.84 hectares is developable, with the permit allowing for a mix of apartments, townhouses and standalone homes around historic components.
Sekisui is intending up to 200 dwellings, in a project with an end value of about $375m.
The acquisition follows the group reaching agreement to design and construct over 300 homes at two Stockland estates: Elara and The Gables, also in Sydney’s north west.
Stockland, in turn, will build homes at Sekisui’s Gledswood Hills community, which is taking shape around a Greg Norman designed golf course – south west of the CBD.
“The acquisition of this [Norwest] site, as well as the recently announced agreement with Stockland, firmly cements Sekisui House’s offering of premium housing options into Sydney’s north west,” Sekisui House Australia executive general manager, Craig D’Costa, said.
“We have a growing portfolio of premium residential estates in the north and south west and plans for new communities in various other metropolitan and coastal Sydney locations,” he added.
“We understand homebuyers are looking for premium lifestyle properties that offer a sanctuary, surrounded by greenery, yet close to an activated destination for recreation, work, dining and entertainment,” according to the executive (story continues below).
“Norwest will encompass this, offering exceptional lifestyle amenities alongside our luxury, well-appointed SHAWOOD homes”.
The purchase comes a month since Sekisui sold three commercial components of the West Village complex, in Brisbane’s West End, for $202m to Centuria on behalf of the GIC-backed Daily Needs Retail Fund.
Five year development timeline
Sekisui is expecting to complete the Norwest project over five years.
“We are excited to be expanding to another site in Sydney’s north west, building on our active acquisition strategy in greater Sydney and allowing us to deliver our well-appointed and sustainable SHAWOOD homes to more Australian homebuyers,” Sekisui House Australia chief executive, Residential Communities and Home Building, Sean Osawa, said.
“The vision for the Norwest masterplan is to incorporate Sekisui House’s unique approach to placemaking and community building, combining the very best in design, quality, innovation and sustainability to deliver a vibrant new estate,” he added.
Norwest is 31 kilometres from the CBD.
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