Sydney-based residential property developer Legacy Property has acquired a 28.5-hectare site at Caddens for $67.625 million.
The residential zoned site within the Penrith Local Government Area (LGA) will be developed into a masterplanned residential community called Caddens Hill including approximately 500 homes, a new hilltop park and provide for delivery of new sporting fields on behalf of the Council.
Located off the M4 on Caddens Road and O’Connell Street, Caddens Hill is close to Western Sydney University, Nepean Health Precinct, Penrith City Centre and the future Western Sydney Employment Lands and Western Sydney Airport.
CEO Legacy Property Matthew Hyder said its proximity to amenity, transport and services made Caddens Hill an outstanding opportunity.
“We believe areas in the greater west, located in the Parramatta to Penrith corridor have a high level of growth potential. This is backed up by the focus from the Federal Government on Sydney’s West,” Mr Hyder said.
“The Government is looking to the west in terms of the infrastructure, jobs and housing growth that Sydney needs to make it a world class city, “There are a tremendous amount of future employment opportunities in Western Sydney. This will eventually allow local residents to live much closer to where they work,” said Mr Hyder.
Caddens Hill is the next residential community being delivered by Legacy Property following Greenway in Marsden Park. Mr Hyder said registrations of interest have come from the local area and from buyers living in the north west.
“Buyers are looking for value-for-money and areas which offer growth potential. An area like Caddens Hill sits amongst existing infrastructure, services and housing,” said Mr Hyder,” It stands out as a great value proposition in Sydney and particularly for buyers that are being priced out of the north west.”
In completing the acquisition, Mr Hyder noted it is a challenging time for industry for project financing. “With limited traditional first mortgage capital available, Legacy Property’s ability to complete the transaction is a testament to our track record, the team’s capability and our strong relationships with a range of financial institutions.
“Our senior debt providers, MaxCap and Fortress, both recognised the strength of Caddens Hill and its location,” said Mr Hyder.
Caddens Hill is set to offer a mix of lots sizes to capture a broad market including first home buyers, upgraders and investors. Lots will range from 300 sqm to 600 sqm and will include house and land packages from Australian builders.
The first sales release at Caddens Hill is scheduled for mid-October 2016. The site which has views to the Blue Mountains will be delivered over five stages and is due to be completed by 2020.
About Legacy Property
Legacy Property is an Australian residential property development company focused on large mixed-use apartment projects and master-planned communities. The company has over $3 billion of projects either completed or in progress, representing over 3,000 dwellings. Some of our flagship projects include Capitol at Bondi Junction, Greenway at Marsden Park and Montrose at North Sydney. Our success is driven by our highly experienced team who have worked at some of the most well respected property companies in Australia and the USA such as Macquarie Bank, UrbanGrowth NSW and Legacy Partners Residential Development Inc.