EG Property Group has secured concept approval for a mid-rise apartment development on a 1.2ha site in Allengrove Crescent North Ryde.
The approved concept would see the development of approximately 190 units, between two and five storeys, on the site.
EG Property Group chairman Michael Easson said this is a significant approval because it is the first of its kind on the southern side of Epping Rd and will provide much needed housing supply and housing choice to this burgeoning growth corridor.
The approval was the culmination of a significant effort by EG Property Group, over a nine-year period, to acquire and consolidate 16 house lots in close proximity to the newly-opened Macquarie Park railway station.
The concept approval was granted by the Minister for Planning and Infrastructure under Part 3A of the Environmental Planning and Assessment Act (1979), enabling a development application to be progressed through the local council.
“The demand for apartments in North Ryde and in around Macquarie Park was recently demonstrated with the successful launch of the Macquarie Central development, which saw record prices and sales rates not previously achieved in the area.
“There is currently significant demand for residential development sites in NSW, with developers having confidence in the pre-sales market for product that is priced for the mid-range market.
Colliers International development director – NSW Guillaume Volz has been appointed to sell the property, with expressions of interest closing November 22.
Property Review
