Developer splashes out almost $40 million on northern beaches

The Sunland Group is planning a major foray into the northern beaches property market with three purchases worth almost $40 million.

THE company that developed Australia’s tallest building has set its sights on the northern beaches, splashing out close to $40 million on three key Pittwater development sites.

But the Sunland Group isn’t planning towers or apartment buildings, opting for up to 250 medium density homes aimed at first-home buyers and young families.

All together, the three projects are expected to be worth some $270 million.

Managing director Sahba Abedian told the Manly Daily that the company had high hopes for its foray into the northern beaches housing market, and he did not rule out further purchases.

“We are very confident in the northern beaches,” Mr Abedian said.

Palazzo Versace is a five-star hotel on the Gold Coast.

The company has an impressive portfolio that includes the 78-floor Q1 tower, which held the title of the world’s tallest from 2005 to 2011 and remains Australia’s tallest; and luxury five-star hotel Palazzo Versace, also on the Gold Coast.

Q1 on the Gold Coast is Australia’s tallest building.

Sunland started operations in 1983 with a single luxury home project and publicly listed in 1995.

It has been quietly scouting around the northern beaches for the past couple of years.

So far the company has spent close to $40 million, including:

■ $18 million on a site in MacPherson St, Warriewood

■ $12 million for an acreage site bordered by Wilson Ave and Wilga St, Ingleside

■ $7.5 million for a State Government-owned site on Mona Vale Rd, Ingleside

Mr Abedian said the company had been planning the move into Sydney for a number of years, and had also started construction of a $138 million housing development known as Dahlia, at North Kellyville in Sydney’s far west. It also has projects under way in Melbourne.

An artist’s impression of Sunland’s Dahlia development in North Kellyville.

He said the company had been attracted to Ingleside and Warriewood by the area’s “beautiful topography”, prime location and its already thriving residential communities.

“Its natural presence is very awe-inspiring,” Mr Abedian said.

Sunland is planning masterplanned, medium density projects on all three sites.

Mr Abedian said the developments would be aimed at first-home buyers and for young families who wanted both “a front yard and a backyard”.

Block sizes are expected to range from about 300 to 400sq m, with a focus on affordability and shared open space for the community.

The first cab of the rank is expected to be the one in Warriewood, which is currently before the NSW Planning and Environment Court. Mr Abedian said he expected a decision within the next six months.

Timing of other projects will depend on the rezoning process currently that is under way, but he hopes this will be resolved by the end of this year.