Xcel Property Group, a well-known Australian property developer and manager with developments around the country, forecasts that Sydney’s Sutherland Shire will undergo significant growth, and is backing this claim by investing in three new developments in the area.
Today, Xcel Property Group announces its expansion into the Sydney residential market, with the launch of a townhouse development in Gymea, as well as townhouse and apartment developments in Engadine. These investments are the result of a strategic decision by the company to break into upcoming Sydney suburbs where demand for new, low maintenance housing is strong and where it believes growth is imminent. The projects are being financed under a wholesale, managed investment trust (MIT), the Xcel Development Trust, with calls for investment into the fund opening on 1 July 2015.
Kim Clarke, Managing Director of Xcel Property Group, and the developer behind more than 20 residential projects across Australia’s east coast, says, “Sydney continues to experience accelerated buying activity, and the Sutherland Shire is no exception. Demand for new housing is reaching fever-pitch, however, new housing stock is not keeping pace with population increases. Our three new projects cater to this demand, and at the same time, they diversify our development portfolio – which includes six development projects.
“Gymea and Engadine are two suburbs on the cusp of significant growth and redevelopment. Over the past 12 months, property values in these areas have climbed upwards of 12 per cent, and median house prices now range between $700,000 to above $900,000*. Many residents in the area are empty nesters looking to downsize, first home buyers, or families with young children. Whether an investor or owner-occupier, now is an ideal time to buy in these areas before prices climb. Both suburbs are also idyllic for buyers wanting to live within one of the few regions in Sydney that are bounded by national parks, are close to Sydney’s southern beaches, and have direct accessibility to the CBD – which is less than 50 minutes by train,” Kim says.
The three developments feature the following:
· Gymea: Situated on the eastern side of the Princes Highway and adjacent to Gymea Technology High School, the site sits on 1,720sqm of land. The development proposal includes seven town houses, ranging from two and four bedroom properties. The property is located 2.3km from the relaunched Westfield, Miranda, and is a short distance from Gymea train station.
· Engadine: Situated on an expansive 3,712sqm block, the site boasts 60.96m in street frontage. The site concept design includes up to 15 two and three bedroom townhouses, each with a main bedroom ensuite, and a double or single garage and car park. The property is on the southern fringe of Engadine.
· Engadine: This property is a 1,378sqm site located on the eastern side of Caldarra Avenue, adjoining Engadine Police Station, and within walking distance to Engadine RSL. The concept design features 27 apartments with one, two and three bedrooms, and three commercial premises over five floors.