South Dural, New South Wales
Folkestone announced in October 2015 that it has entered into a 50/50 joint venture with the Lyon Group Australia, a leading Sydney property developer, (“Folkestone Lyon JV”) to acquire development rights over 59.7 hectares currently owned or under option by an entity associated with the Lyon Group in South Dural (“Folkestone Lyon Land”).
The Folkestone Lyon Land forms a key component of the 240 hectare (590 acres) area known as South Dural. South Dural is strategically located between the rapidly growing suburbs of Glenhaven and Kellyville and the established areas of Castle Hill and Cherrybrook in Sydney’s north-west. It is approximately 2.0 kilometres from the new Castle Hill railway station and 2.5 kilometres from the Cherrybrook railway station, both of which are key stations on the Sydney Metro Northwest rail line currently under construction.
The Folkestone Lyon JV is seeking the rezoning of South Dural, which includes the Folkestone Lyon Land to facilitate residential and mixed use development in an integrated manner under the NSW Government’s Gateway Determination dated 4 March 2014. The Folkestone Lyon JV is working collaboratively with the South Dural Residents and Ratepayers Group as the Preferred Developer Proponent, Hornsby Shire Council and the NSW State Government to have Dural rezoned.
Under the terms of the arrangement between Folkestone and the Lyon Group, the majority of the optioned land is not anticipated to settle until FY18. At the commencement of the JV, Folkestone has committed $6.0 million in equity and loans to the JV and entities associated with the Lyon Group and will be required to commit further funds in FY17 and FY18 to fund its share of development expenditure and settlements.
Click here to watch a short video on our plans to turn South Dural into a new eco-friendly and sustainable residential community.
Who Is The Lyon Group
Established in 1955 by Bruce Lyon, Lyon Group Australia is one of Australia’s most successful and leading property development and investment groups with major projects throughout Australia. The company has a successful track record in identifying opportunities in a wide range of property sectors. These range from master-planned communities and residential apartments to hotel and leisure related property. By collaborating with leading architects, interior designers and builders, Lyon Property Group creates developments that are industry leaders.
About South Dural
The South Dural area has been the subject of a number of planning documents, studies and submissions to both State and Local Government over a number of years.
The South Dural land has also been identified by the State Government as a site worthy of further investigation as part of the State Government’s 2013 – Homes and Jobs for Sydney’s Growth program (one of seven on the fringe of Sydney).
Preferred Developer Proponent
The South Dural Residents and Ratepayers Group has selected a joint venture between the ASX listed Folkestone and Lyon Group as the Preferred Developer Proponent to rezone South Dural under the Gateway Determination dated 4 March 2014. The South Dural Residents and Ratepayers Group agreed to assign its rights to the successful Developer Proponent to enter into a binding agreement with Council to fund a business plan, studies, council resources for the project management and provide a bank guarantee to cover such costs.
The land is located immediately south of Round Corner and is bounded by Old Northern Road, to the south west and north and New Line Road and Hastings Road to the east.
Map 1: Potential Home Sites
Map 2: Homes and jobs for Sydney
Map 3: Overview of South Dural Community
South Dural, Planning Proposal
Council is seeking public comment to assist in the assessment of this rezoning proposal. The Proposal seeks to rezone land known as South Dural, bounded by New Line Road, Old Northern Road, and Hastings Road to allow residential subdivision.
The draft Plan has been prepared on behalf of the South Dural Residents and Ratepayers Group by Statewide Property Ventures.
- Rezone the predominately rural land for urban purposes;
- Amend lot sizes and heights of buildings;
- Allow approximately 113 hectares of infill residential development;
- Allow 2,900 dwellings comprised of detached, multi-unit and residential flat buildings;
- Create 5 precincts to be the subject of future detailed urban layout plans;
- Retain 62 hectares of threatened and endangered native forest and vegetation along Georges Creek;
- Use all existing roads, a new collector road and identify future access points;
- Provide a sporting field and local parks; and
- Identify potential locations for water detention basins.
There is also an Infrastructure Strategy and Business Case which outlines a funding approach for local infrastructure and regional road network improvements to support the proposal.
Exhibition Start Date: Wednesday 5 October
Exhibition Finish Date: Friday 2 December