Roberts Jones Developments have paid $232m for 80ha of residential land in Cobbitty.
The land sits at the western edge of the current Oran Park growth area in South Western Sydney and is expected to yield a total of 990 lots.
The property, formerly known as Denbigh and located at 421 The Northern Road, was owned by the McIntosh family since 1910. In 1932 the land (and most of Oran Park precinct) was transferred to the family owned entity, McIntosh Bros Pty Ltd, who are the current Vendors of the 80ha now sold to Roberts Jones Developments.
The property contains several heritage sites and has a well documented history of agriculture uses dated back to 1818. It was previously used as vineyards, diary farms, horse studs and until 2018 as a Hereford stud.
The site was rezoned as part of the Oran Park precinct in 2007 and was secured by Robert Jones Developments back in 2018 with settlement completed in full on the 13th July 2021.
The purchase price represents approximately $2.9m per hectare or $234,000 per potential lot.
Robert Jones Developments are being supported by entities associated with the listed group BHL who will manage the development of the land. A Stage 1 and 2 release has recently commenced with 380sqm lots selling for around $600,000.
The Robert Jones group have been very active in Western Sydney. In December 2020 they spent $77m to acquire acquired 73 ha of land at 1037 The Northern Road Bringelly and were also behind the $499m acquisition of 1953 Elizabeth Drive from the Medich Family. The group are associated with Chinese property billionaire Shen Yuxing, also known as Tin Ching Shum of Jiayuan International Group and BHL.
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