Stockland Sell Surplus Merrylands Rd to BTR Developer

Stockland have sold off a 1.2ha parcel of land adjacent to Stockland Merrylands for $41m.

Stockland have spent the last few years obtaining a planning permit for the site to provide for 562 apartments across five buildings, ranging in height from 11 to 17 storeys, together with an activated laneway precinct featuring around 8,000 square metres (Gross Floor Area) of retail, restaurants and cafes.

The purchaser, Coronation Property, intend to retain at least half of the units as built-to-rent stock as part of an ambition to grow a 5,000 apartment portfolio.

The Coronation Property group have been active developers in Sydney for a number of years with the Paper Mill Development in Liverpool, and have also progressed plans for a 55 storey project at 8 Phillip Street Parramatta (yet to commence) and a 22 storey development at Harris Park (yet to commence).

The purchase price by Coronation Property represents a value per apartment of $72,950 or $755 /sqm of GFA. In addition to this the developer will pay a further $9m for Section 94 contributions.