Real estate fund manager EG has secured planning approval for a masterplanned community in Auburn in Sydney's west.
The proposed development will comprise 595 apartments spread across 12 buildings as well as 1,400sq m of public space.
The Auburn development is part of EG's Yield Plus Infrastructure Fund who have held the site for approximately 11 years.
The development approval comes after a six-year process to obtain rezoning.
“We saw this opportunity to enhance the Auburn community ten years ago and are pleased to see this come to fruition,” EG chief executive officer Adam Geha said.
The $400 million development will also create new public space, including three public parks.
“The proposed Queen Street property features architecturally-designed residences of exceptional quality and liveability, delivering the best of contemporary urban design,” EG development director Grant Flannigan said.
“We are particularly pleased to be able to offer landscaped communal spaces within the site, something highly sought-after in the Auburn community.”
“We look forward to launching the apartments for presales and delivering a great community similar to the recently completed projects in Summer Hill, Drummoyne and Five Dock.”
EG currently has a development pipeline value of over $2.4 billion.
Earlier this year, EG secured approval for a twin-tower proposal on The Gold Coast, and offloaded a prime Fortitude Valley site to a private syndicate led by Brisbane builder Scott Hutchinson for a $40m music and entertainment venue.
EG has also cashed in on surging demand for Melbourne CBD office space.
The property fund sold their William Street tower to Hong Kong investor KHI Holdings in July for $94 million, doubling what they paid for the commercial property three years earlier.