National residential developer, Metro Property Development has secured another prime development site in Sydney’s south west, as part of the company’s entry into the Sydney market, and will deliver 138 residential lots on the 10ha Catherine Fields site in FY17.
The purchase at Catherine Fields significantly boosts the Company’s entry into Sydney’s affordable housing market, and closely follows the purchase of land at Strathfield Golf Course late last month.
Metro’s Managing Director and CEO, Luke Hartman, said the land on Camden Valley Way, already zoned for residential, represented excellent value and would deliver strong returns in the future.
“Sydney’s south-west corridor is a pivotal growth area with significant opportunity for us. The site we have purchased offers great potential for Metro to deliver affordable house and land packages within the current property cycle,” Mr Hartman said.
“We have bought the site well, it’s already zoned for residential development and it will enable us showcase Metro’s diversified development model through the subdivision of land and the building of homes through our Creation Homes entity.
[urbanRelatedPost][/urbanRelatedPost]“Metro will seek Development Approval within the next six months and will commence sales and marketing of the project by the end of this year. Delivery of this development will significantly boost our FY17 earnings.”
Located in a key growth area of Sydney, the Catherine Fields site is ideally positioned near Oran Park Regional Centre and Harrington Park while being well-connected to the M5 and the recently opened South West Rail Link.
The 138 lots will range in size from 300m2 – 450m2 and Metro expects interest from owner-occupier families who currently work in the employment hubs of Penrith, Liverpool and Campbelltown which are within 30 minutes of Catherine Fields.
Mr Hartman said that while this was the second major Sydney purchase within three weeks, Metro remained focused on only buying sites where we could gain a significant value uplift and we could develop out quickly.