Greenland Australia and GH Properties acquire the bulk of Ashmore Estate for their planned $1.6 billion mixed use development at Erskineville in Sydney’s inner south

29 June 2016

Greenland Australia and GH Properties today completed acquiring the majority of land earmarked for their mixed use development on the 6.9 hectare Ashmore Industrial Estate at Erskineville in Sydney. Greenland Australia and GH Properties will complete acquisition of an adjoining property, the balance of the development site, in mid to late 2017.

The major parcel of land in Sydney’s inner south acquired is currently occupied by a number of light industrial buildings. Businesses using these buildings will remain onsite until the Greenland Australia and GH Properties joint venture requires vacant possession.

Greenland Australia Managing Director Sherwood Luo said, “Today’s major settlement gives us the rare opportunity of transforming one of the last undeveloped sites of this scale so close to Sydney’s CBD. The proposed public access improvements, world-class landscaping and public domain, and encouragement of sustainable travel options will also make Ashmore Estate a great place to live, eat, shop, play and visit.

“This green and gold opportunity to design and deliver a mixture of high quality housing and commercial options to the community in the Ashmore Precinct, close to train stations at Erskineville and St Peters, was too desirable to pass up. Partnering with Golden Horse will further strengthen our individual capabilities in design and construction going forward.”

It is unprecedented for this many new homes, with anchored retail space, to be proposed at any one time in the City of Sydney. The Ashmore Estate Development Application is the single largest of its kind ever to be considered by the City of Sydney Council as planning consent authority. Ashmore Estate is also set to make a positive contribution to the City’s Sustainable Sydney 2030 vision and targets.

GH Properties’ General Manager Roger Luo said, “It’s our great pleasure to work in partnership with Global Fortune 500 organisation Greenland. We are now aligned as a team, to plan and redevelop the Ashmore Estate, which is one of five major urban renewal projects in Sydney.

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Concept Illustration

“The joint venture will indeed strengthen our respective development capabilities in many ways. Ashmore Estate is a visionary infill project from Greenland Australia and GH Properties that I know will deliver an ultra-modern community and village living lifestyle.”

The Estate that may ultimately house around 2,700 residents is located between the Bankstown rail line and Mitchell Road, between Ashmore Street and Coulson Street in Erskineville, and forms part of the larger Ashmore Precinct. Subject to planning approval, Ashmore Estate will include:

  • 1,400-1,600 new dwellings
  • Mixed use retail
  • New streets and shared pathways, and
  • New parklands of more than 7,400 square metres.

Founded in 1992, Greenland Group is a global leader in property, resources, finance, construction and hotels. It is currently ranked 268th in the Global Fortune 500 list, and is at work on real estate projects in more than 90 cities across China, the US, UK, Germany, Russia, Spain, France, Korea, Thailand, France, Canada, Japan and now Australia. Greenland Group is renowned as innovators in the development of ultra-high-rise buildings, large urban complexes and residential developments.

GH Properties is the Australian arm of one of Hong Kong’s leading diversified property and development firms, Golden Horse Group, with more than 25 years’ experience across prestige residential, tourism, sporting and recreational projects. The GH Properties team includes some of Australia’s most knowledgeable consultants across a range of specialist disciplines.

ENDS

Media Contacts:

Brendan Elliott, PR Manager, Greenland Australia, 02 8262 1466

Jason Zhang, PR Manager, GH Properties, 02 8821 7368