De­vel­oper’s mov­ing West

Over­seas real es­tate agent sees new po­ten­tial

Mt Druitt - St Mary's Standard (East) - - NEWS - Marissa Ge­or­gopou­los

A MA­JOR global prop­erty de­vel­oper has zoned in on West­ern Syd­ney’s promis­ing hous­ing mar­ket.

Over­seas real es­tate gi­ant Poly has snapped up a 30,610sq m va­cant site at 229 Vic­to­ria St, Wer­ring­ton, and plans to build a “bou­tique” es­tate, offering 68 lots.

Poly’s mar­ket­ing di­rec­tor Philip Best said the de­vel­oper was new to Aus­tralia and the com­pany wanted to shift its fo­cus to house and land sales. Mr Best said the va­cant site pre­sented the per­fect op­por­tu­nity.

“From our re­search and in­sights, we see this as a mar­ket which has strong growth po­ten­tial,” he said.

“The apart­ment mar­ket is cool­ing off in Bris­bane and Mel­bourne and, maybe to a small de­gree, in Syd­ney.

“Why specif­i­cally the lo- cation in Wer­ring­ton? It is ac­tu­ally a beau­ti­ful lo­ca­tion; it bumps straight on to lots of green space, park­land, a lake, kids’ play ar­eas, sports fields and the ac­tual hous­ing around it is very nice.”

The site is also about 1km from Wer­ring­ton rail­way sta­tion and near schools and Ne­pean Hos­pi­tal.

Pre­vi­ously owned by Pen­rith Coun­cil and await­ing fi­nal DA ap­proval, the prop­erty is bound by Wil­liam St, Cot­tage St and Vic­to­ria St.

Poly has joined Ray White Projects to mar­ket the site, set to be called Grove Place.

Sell­ing agent and Ray White Projects di­rec­tor Ed­die Man­sour said most pack­ages in­cluded a fourbed­room, two-storey house.

But there will also be some sin­gle-level homes. The start­ing price is $695,000.

Mr Man­sour said the land sizes ranged from 325sq m to just shy of 800sq m.

“The great thing about Grove Place is that it’s a nice, level block ... we haven’t tried to squeeze as many small size lots into the es­tate,” he said.

An ini­tial sales cam­paign has seen most in­ter­est come from lo­cal res­i­dents.

The main buy­ers are pre­dicted to be “pre­dom­i­nantly fam­i­lies,” Mr Man­sour said.

Poly, which has re­cently worked on a high-rise pro­ject at Ep­ping, chose Raw­son Homes as its pre­ferred builder. Work is ex­pected to start on the site in Oc­to­ber.

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