A LITHGOW land parcel has been snapped up by an ASX-listed purchaser, marking the first time this type of entity has had a presence in the township for residential development.
The 33.12 hectare property at 33 Magpie Hollow Road in South Bowenfels, on the western outskirts of Lithgow, was sold for $8.4 million in a deal negotiated by Mark Litwin and Grant Bulpett of Knight Frank.
It was sold by a private family, who were long-time owners of the property, to the ASX-listed Maas Group Holdings (MGH), which intends to undertake a residential development on the site.
The land parcel is approved for residential development and will provide eventual residents with an enviable regional lifestyle, just a few hours from metropolitan Sydney.
Mr Litwinsaid the sale represented the first time a listed entity had entered the Lithgow market for residential development.
"The participation of developers with ASX credentials in regional markets like Lithgow is a fantastic endorsement of its future prospects," he said.
"We had significant interest from buyers during the campaign looking to deploy capital into shovel-ready deals in established markets, but as leaders in their space MGH envisaged the prospects for this site more clearly.
"Diversified developers can drive their own advantage and leverage their position to reap the benefits of a pioneering acquisition such as this.
"It is expected demand for this development will be high as we have seen a strong 'flight to country' develop through COVID, with people increasingly looking outside of the CBD and metro markets for new places to live that will provide a more relaxed lifestyle."
Mr Bulpettsaid the purchase was strategic given the recently announced investigation into an 11- kilometre Blue Mountains tunnel, which would provide better access to the Lithgow area by reducing travel times.
"Increased links to and from markets will always drive value," he said.
"I can only see benefits by increasing connections from the Central West to Sydney Metro, be it for trade or personal travel."
Mr Litwinsaid developer interest in the Lithgow area was growing as buyers looked to capitalise on the growing demand for homes in lifestyle areas, with infrastructure improvements also proving to be a drawcard.
"In the future we expect to see growing interest from other listed developers and private tier one developers," he said.
"They will be competing more aggressively for upcoming regional opportunities in the near future, and will have to contend with strong positions already secured by the incumbent regional developers."
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