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News release

Asian developers purchase key residential development sites in Burwood

• Jones Lang LaSalle has sold $60m worth of residential development sites in Burwood to Asian development consortiums in the past 18 months.
• Development demand taken up since the gazettal of the LEP last year.


SYDNEY, 8 December 2011 – 18 months on from the gazettal of its Town Centre Local Environmental Plan (LEP) 2010, Burwood continues to be a hot spot for Asian development consortiums looking to satisfy the pent up demand for new residential property in the area.
 
Since the gazettal of the LEP, Jones Lang LaSalle has sold four major residential development sites in Burwood totalling over $60 million in sales. All of these sites sold to Asian development consortiums.
 
Recently, Jeff Moxham and Leslie Cheng of Jones Lang LaSalle sold two Mixed Use development sites at Auction to a Chinese development group for a combined price of $31.25 million on behalf of Burwood Council. 
 
Site A, on the corner of Belmore Street and Conder Street sold for $16.9 million while Site B, on the corner of Belmore Street and Wynne Avenue sold for $14.35 million.
 
Director, Sales and Investments at Jones Lang LaSalle, Jeff Moxham said, “Demand for new residential accomadation in the Burwood Town Centre has continued to increase in recent years,   however prior to the gazettal of the Town Centre LEP last year, the scope to service this demand has been limited. The gazettal delivered much awaited increased development densities in core CBD locations, being the reason why we have seen multiple development site sales since the Gazettal”.
 
”While the gazettal of the LEP has been a key factor in the increasing activity of residential developers, Burwood’s recognition by the NSW State Government as a ‘Major Centre’ and one for significant growth and commercial activity has also been a key demand driver. I addition, a strong local economy, infrastructure and proximity to other major hubs has also contributed to demand”
 
Leslie Cheng, Director, NSW Sales and Investments at Jones Lang LaSalle said, “Burwood has really emerged as a key hub in metropolitan Sydney. The area is home to over 1800 businesses and with excellent access to public transport and an emerging cosmopolitan area in the Town Centre we expect demand for properties in the area to continue to grow in 2012.”