Stockland Move Beyond Elara

15 March 2021

Stockland continue to move forward with their Elara project at Marsden Park with the settlement last week of an adjoining 15.7ha of land for a new medium density development.

The parcel of land sits alongside Richmond Rd at the northern end of the estate and forms part of the 215ha Clydsdale Estate which was previously offered to the market in 2015 by Vaughan Constructions (50 of which was developable). At that time, the estate was quietly picked up by entities associated with the BHL Group, who proceeded to obtain development approvals for several precincts across the estate.

Stockland have now settled on a contract to acquire the site (Precinct 2) from BHL for $64.4m. BHL had planned to sub divide the precinct into 10 superlots (see further information) and in July 2020 entered into a VPA with Blacktown Council to enable the subdivision to proceed in return for the conservation of the historic Clysdale Cottage which exists on the site.

A Master Plan for Precinct 2 prepared by Turner indicated that the precinct could ultimately accommodate up to 1,421 residential apartments.

Stockland’s purchase price equates to $408sqm of total site area.

Stockland are yet to make any announcements in relation to their intentions for the site, however their recent FY21 Half Yearly Report indicated that the existing Elara project will run out of land by FY23. Stockland are selling about 350 lots each year at Elara (with an average entry price for House & land of $820,000) with only 990 lots left in the estate.

Further Information

Preliminary Super Lot Layout

137-Clydesdale-Estate-VPA

Disclaimer: The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.