With an estimated project value of $1 billion, New South Wales Government's decision to rezone East Leppington allows Stockland to commence planning for the first stage of its new master planned community of over 3,000 affordable homes in an undersupplied area which will also include a retail center, open space and recreational areas as well.
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Stockland has welcomed the New South Wales Government’s decision to release the East Leppington Precinct in Sydney’s south west for rezoning.
As a result of this decision, Stockland can now commence planning for the first stage of its new masterplanned community of over 3,000 homes within the Precinct, providing much needed affordable housing in an undersupplied area.
The East Leppington site was acquired earlier this year on capital efficient terms and will be progressively developed over a number of years.
The land is ideally located within close proximity of the South West Rail Link (which is currently under construction) and is just 1.5 kilometres from the proposed Leppington railway station.
Managing Director Matthew Quinn said: “East Leppington is our most significant residential investment in NSW in over five years. This rezoning will benefit the community by encouraging further investment and will ultimately increase the supply of affordable homes. This community will further strengthen our presence in NSW and increase our geographic diversity.
“We are looking forward to working closely with the Local and State Government to bring this community to life.”
The State Government decision is an important first step in the process to have the land re-zoned. The Government can now start discussions with Council to coordinate studies on site to determine the areas for housing, retail, schools, parks and conservation.
First settlements are anticipated in FY14, subject to planning approval. The community will include provision for a retail centre, significant open space and recreational areas, and has an estimated project value of over $1 billion.
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