A second major developer is walking away from multimillion-dollar investments in Ingleside as plans for rezoning the suburb drag on.
The Sunland Group, from Queensland, paid almost $20 million for four large parcels of land in Ingleside in 2013 with the expectation that the NSW Government would soon rezone and release land in the suburb for up to 3000 new homes.
However, three of the four lots are now quietly back on the market. A fourth block has sold to an independent school for a sports complex.
This follows Mirvac’s decision last year to list land it bought in Lane Cove Rd also with an eye to development.
One of the 2ha blocks Mirvac had an option on sold in August for an undisclosed amount. Mirvac has held onto other land in Lane Cove Rd and land close to the Serbian church south of Mona Vale Rd.
Meanwhile, the Sunland Group is selling more than 6ha of land in Wilga Ave, Wilson St and Powder Works Rd calling their land The Ingleside Collection, with expressions of interest closing this month.
The group’s managing director, Sahba Abedian, said while he believes the rezoning of Ingleside will take place, as a listed development company he has an obligation to shareholders to be strategic and manage the company’s portfolio.
“Sunland has always had great confidence in the northern beaches,” Mr Abedian said.
“Our most recent development, 18 Macpherson St in Warriewood, sold out in just two days,” he said.
However money from the sale of the three Ingleside blocks, each around two hectares in size, will be redeployed to western Sydney and southeast Queensland for other projects.
A fourth block of land, at 169 Mona Vale Rd, Ingleside sold earlier this year to the Queenwood School for Girls for $16.5 million.
School principal Elizabeth Stone said at the time the school plans to create a part-indoor, part-outdoor sports centre with tennis, netball and basketball courts, as well as football fields, and that the centre will be open to the public.
Real estate agent Neil Cooke, of Savills Australia, said there has been significant interest in the three vacant sites which are for sale by expressions of interest closing Tuesday October 22.
“The sites are ideal for developers who recognise the huge potential to be unlocked in Ingleside,” he said.
In 2016 the State Government released a draft plan to rezone Ingleside but withdrew the plan last year after concerns about bushfires. The government is now preparing bushfire evacuation models, expected to be released to the public by the end of the year.