ASX-listed Stockland has lodged plans for the $181 million rejuvenation of a parish site in the heart of Epping and the construction of a 29-storey tower.
The development, submitted to the City of Parramatta Council, will include the retention of the heritage-listed Our Lady Help of Christians Church.
Stockland is working with the Catholic Diocese of Broken Bay to bring the mixed-use community to fruition.
Designed by Architectus, the new residential tower will include a 132 bed residential aged care facility, 205 independent living apartments and ground floor retail fronting Cambridge Street.
Plans also highlight a new two-storey and part-three storey primary school as well as new 200-seat parish hall, office facilities, and improved open space and civic areas.
Stockland is one of the top three retirement living operators nationally, with 65 retirement villages and a development pipeline of over 3,000 retirement living units.
Local engagement has been at the core of the application with discussion ideas such as a communal community garden for the school, parish and retiree residents stemming from community leaders.
“Over a number of years, the Catholic Parish of Epping and Carlingford has taken time to consider a vision for the future of the site and to engage with the wider community in relation to the plans, which we look forward to continuing throughout the planning process,” a Stockland spokesperson told The Urban Developer.
“As part of the plans, the existing, heritage-listed church will be preserved and celebrated, with the church’s position as the site’s focal point further enhanced throughout the precinct design.”
If approved, existing school teachers and students will “set up shop” on a yet-to-be-determined site during the construction phase of a brand new “21st century primary school.”
Stockland recently commenced construction on the first homes in its $133 million Waterlea development in Melbourne's growing south-east corridor.
The residential developer also divested two commercial assets, a North Sydney office tower and a shopping centre in Newcastle, for a combined $193.35 million.
Stockland announces security buyback
Stockland has initiated an on-market buyback for up to $350 million of Stockland securities.
“We believe that investing in our own securities is an attractive and accretive use of capital at this point,” Stockland managing director Mark Steinert said.
“We are well placed to finance the security buy-back given our long-standing, disciplined approach to capital management.”
Stockland completed $335 million of non-core asset sales over the past year, and now intend to target up to a further $400 million of retail town centre sales over the next 12-24 months.
Stockland intends to fund the buyback from existing facilities commencing late September.