![Luke Hartman and David Devine founded Metro Property Development.](/content/dam/images/1/2/z/p/m/v/image.related.afrArticleLead.620x350.gv3sln.png/1490166016403.jpg)
![](/web/20170426114416im_/http://www.afr.com/content/dam/images/g/t/q/0/y/n/image.imgtype.afrAuthorAvatar.120x120.png/1484185325641.jpg)
Residential developer Metro Property Development has secured its second Sydney house-and-land development site, in Spring Farm in south-west Sydney.
Its first project was the 150-lot Eden project in the neighbouring area of Catherine Field, at 719‐735 Camden Valley Way.
The group, started in Brisbane in 2010, will undertake the project with its staple joint venture partner, the investment firm Alceon, led by former Babcock & Brown executive Trevor Loewensohn.
The price of the purchase was confidential.
It is the second joint venture with Alceon for Metro. Its first was the $260 million, two-hectare project Parvenu at 84 Centenary Drive in Strathfield, in Sydney's west.
The six-hectare Spring Farm site, at 71 Springs Road, has development approval for 74 individual house and land lots from 383 to 650 square metres.
It is within the Western Village of the Spring Farm Master Planned Estate, close to the Spring Farm Shopping Centre, and was formerly part of a Mirvac project.
Metro, founded by Luke Hartman and David Devine, will package and sell each lot as a full turnkey house and land package through its building arm Creation Homes.
The project is expected to launch in April with an average lot price of $436,000, or $680,000 to $795,000 for a house and land package.
Construction of the homes and lots will commence later this year, with completion in late 2018.
"Housing affordability remains an ongoing issue across the greater Sydney market and we have found many savvy buyers are opting to relocate to these emerging growth areas, seeking to secure an affordable, high‐quality, brand new home," Metro general manager for sales and marketing Phil Leahy said.
The Spring Farm site is a short distance from Camden and the new Narellan town centre, as well as the M5 and M7 motorways.