Sunland dives in again for Sydney Northern Beaches housing development
The property developer Sunland Group has acquired a six hectare development site in Ingleside in Sydney’s Northern Beaches for $7.25 million.
Acquired by government tender, 169 and 169a Mona Vale Road represents Sunland’s third residential site acquisition in Sydney’s Northern Beaches.
It increases the group’s Sydney portfolio pipeline to more than 420 dwellings with an estimated end value of $408 million.
Sunland’s national portfolio comprises in excess of 6,000 residential housing, urban development and multi-storey products along Australia’s eastern seaboard with an estimated end value of $3.8 billion.
Sunland managing director, Sahba Abedian, said the acquisition has been earmarked for a residential development of 70 dwellings with an estimated end value of $82 million.
“This acquisition demonstrates our continuing confidence in Sydney’s thriving Northern Beaches market, where there is strong demand for boutique luxury housing,” Mr Abedian said.
It will lodge a development application in late 2016, pending the proposed rezoning of the land as part of a review being undertaken by Pittwater Council and the State Government's UrbanGrowth NSW.
Sunland’s other Sydney developments include the $138 million Dahlia development in North Kellyville, which is under construction.
