National residential developer Metro Property Development has secured a prime development site in Sydney's inner west by acquiring part of Strathfield Golf Club, and will deliver over 310 apartments and townhouses on the 20,200 sqm site.
The purchase significantly boosts the company's national footprint and $2.5 billion delivery pipeline across 47 projects.
Metro's Managing Director and CEO Luke Hartman said the joint venture with investment group Alceon is in line with its strategy to acquire well priced development sites that offer low planning and sales risk and the ability to maximise value through the project's lifecycle.
"Sydney is an untapped market for Metro and we have been cautious given where the Sydney market currently sits in the cycle. However, we are very excited about this project and its potential," Mr Hartman said.
"There have been many reasonable opportunities in Sydney presented to us in recent times, particularly in the middle and outer ring. However, Metro has a robust site selection strategy so we've been happy to wait until an opportunity came along that made perfect commercial sense.
"Value-driven site selection is key for us and the potential of this site will ensure we make a successful entry into the Sydney high density market. Our unique delayed settlement terms on the deal ensure we can deliver maximum value and return throughout the project."ALSO SEE: