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News release


Raw residential development site in Epping sold to Grocon for $56.5 million

JLL has sold $166.5m worth of sites in Epping in the last six months

​A raw residential development site in the Sydney suburb of Epping has been sold off-market to Grocon for $56.5 million by JLL's Sam Brewer, Head of Metro Sales and Investments – NSW, and Ben Hunter, Director of International Investments.

Located at 30–42 Oxford Street, Epping, the site is an amalgamation of four lots. It is situated in the heart of the Epping Town Centre Urban Activation Precinct, opposite Goodman's Cambridge Office Park, which was sold to Poly and settled in August for $110 million – a sale also managed by Mr Brewer and Mr Hunter.

The latest site was purchased by Grocon, the largest privately-owned development, construction and real estate investment business in Australia, from a private vendor. Grocon is targeting a yield of approximately 250 apartments.

Grocon's Head of Development Dan McLennan said the Epping development site purchase confirmed his company's commitment to Sydney.

"There are a number of opportunities in Sydney for Grocon to own and develop residential sites and the Epping property was attractive to us.

"This particular area is a hub of activity, close to retail, commercial and other residential development activity which when coupled with the significant transport infrastructure investment in Sydney's North West all added to the appeal of acquiring this site," Mr McLennan said.

Mr Brewer said, "Grocon's interest in this site really demonstrates that attraction to Epping remains very strong. Key features of the site include its close location to retail offerings such as the re-developed Macquarie Centre, transport and key commercial markets such as Macquarie Park, Ryde and North Sydney. These assets, as well as the construction of the North West Rail Link, all strengthen the offering for future residents."

Mr Hunter said, "The rezoning of sites for high density residential development in Epping has created a huge opportunity for the market and developers have been quick to recognise this. This property presented a unique offering as it's not often that such large properties are available in the Epping Town Centre, due to the fragmented holding of many of the sites. Combined with its position in an evolving residential area, and the future infrastructure developments, Epping is well and truly cementing its place as a North West hub."

JLL has transacted $166.5 million worth of development site sales in the last six months in Epping.