The Sunland Group has purchased the 5.5-hectare greenfield development site next to Mount Annan Market Place for $15 million.
Sunland managing director Sahba Abedian said they hoped to build a medium-density residential development comprising approximately 140 terrace homes with an estimated end value of $90 million.
“This strategic acquisition significantly expands our New South Wales portfolio, where we remain focused on key growth corridors in the south-west and Northern Beaches,” Mr Abedian said.
The site located on Main Street, Mount Annan was previously owned by Dyldam Group Projects Pty Ltd.
Dyldam Group Projects Pty Ltd submitted an application in 2014 to build nine, four-storey precincts that would house 256 units, a 550 space car park and some off street parking.
Residents and council strongly opposed the development.
The fight ended up in the Land and Environment Court where the case was ruled in council’s favour.
Mr Abedian said he anticipates the Sunland Group will be in a position to lodge a development application during the first half of 2017.
“This site is superbly located in an environment which offers access to high levels of service and amenity in Mount Annan, with its proximity to two major shopping centres, local schools and public transport,” he said
“Our vision for this site is to deliver a unique outcome which combines Sunland’s signature architecture, alongside creative urban design, to create a vibrant and connected community environment.”
The Group established its Sydney operations in 2004 and has delivered numerous developments including Louisa Road residences in Birchgrove, The Parc in Kellyville and Dahlia residences in North Kellyville.