45ha Rossmore Town Centre site sold for $60M
One of the last remaining large land holdings within the South West Growth Area has been snapped up in a $60m cash offer by the Rossmore Pastoral Company. The vendor, the Malouf family, put the property on the market in 2017 with the buyer completing settlement in October.
The 45ha site is located near to the Leppingtion rail line, with any extension likely to cross the southern part of site on its way to the new Western Sydney Airport.
The site falls into the broader Rossmore precinct, which is yet to be released or rezoned but is expected to house 9,000 dwellings and a population of around 25,000 people accommodating a town centre, neighbourhood centre and industrial/employment land (subject to release, re-zoning and development approvals).
The sales follows the recent sale of an 82ha parcel of land which sits behind Stockland's successful Willowdale residential community, changing hands for $63.5m in Sept 2019.
Other sales in previous years include, the Dahua Group, who acquired 89 hectares of rural land at Menangle Park from Campbelltown City Council for $65 million in late 2016; Boyuan Holdings who bought 40.5 hectares of rural land on the Northern Road in Bringelly for $70 million in January 2017; and Dyldam Development who acquired a 20.02 ha Leppington Town Centre site for about $85 million.
The latest sale was co-ordinated by Colliers.