Adelaide-based developer Greaton, which is building Sydney Darling Harbour's $700 million hotel complex "The Ribbon" with Grocon, has diversified its development interests in Sydney with a townhouse project in the north shore suburb of Lindfield.
The developer snapped up three older large houses at 16 and 18 Beaconsfield Parade and 9B Gladstone Parade in Lindfield, 14 kilometres north of the CBD, for about $23 million for a 45 luxury townhouse and home project worth $100 million in end value.
The older style properties with between four and seven bedrooms are located on exceptionally large sites, which together make up 9120sq m.
The property includes a 3200sq m grand Victorian manor named "Rushbrook" built in the late 1800s. It has a swimming pool, tennis court and its own private creek.
One of the owners lodged plans with Ku-ring-gai Council last year to redevelop all three sites together and has since sold the properties and plans to Greaton. Council approval for stage one of the project is expected this year.
Sydney architects Rothelowman have also been appointed on the project.
"We saw this site as a great opportunity to enter the exclusive North Shore market and were also keen to add townhouses to the company's residential product mix," managing director Nicho Teng said.
"It is our view that luxury townhouses will appeal to these markets as they are looking for something larger than apartment living."
This follows another recent rare sale of land in another north shore suburb, Artarmon, at 2-10 Milner Road.
A new entrant foreign investor and developer snapped up the 4002sq m site opposite a school for about $25 million.
