UrbanGrowth NSW has announced it has awarded the tender for the remaining residential subdivisions in the East Village development in Spring Farm to residential property developer, AVJennings Properties.
Totalling 45 hectares, the subdivisions have the potential for 540 new houses.
Spring Farm is situated approximately 5 kilometres east of Camden, New South Wales. Since 2010 the East Village masterplanned residential development has delivered more than 800 lots to the market.
"UrbanGrowth NSW congratulates AVJennings on the purchase of the East Village residential subdivisions in Spring Farm, which will help deliver more new housing for Sydney," said UrbanGrowth NSW Chief Executive, David Pitchford.
AVJennings has been developing residential communities in Australia for more than 83 years.
"The purchase of the remaining subdivisions in the East Village development reinforces our commitment to Sydney's South West," said AVJennings State General Manager NSW, George Diniakos.
"We are proud to build upon the exceptional neighbourhood that UrbanGrowth NSW has created and will continue to deliver the high standard of development within East Village."East Village joins a list of residential communities developed by AVJennings in the region including Argyle at Elderslie, Arcadian Hills, Cobbitty and the soon to be released South Village in Spring Farm.
Colliers International conducted the marketing campaign for UrbanGrowth NSW.
"The sale of the Spring Farm subdivisions is part of UrbanGrowth NSW's strategy to exit retail land development and delivery, to focus on large-scale urban transformation projects where we can act as an industry enabler," Mr Pitchford said.
Proceeds from the sale will largely be reinvested into new urban transformation projects which will drive Sydney's global competitiveness.