Project Overview      

Oran Park is a “greenfield” englobo site of approximately 107 hectares which is intended for future residential land subdivision. A call option to acquire the property was entered into by the Fund in July 2006 with deferred settlement due to take place in December 2007. Oran Park was identified by the Fund as an attractive land repositioning/rezoning opportunity with Valad expertise being used to “add value” to the subject land by obtaining planning consent for higher and better use (residential).     

 

Project Strategy      

The strategy for this acquisition is to add value by:       

• substantially advancing a rezoning to residential usage by positioning this parcel of land in the first stage south-west        
• growth centre release (Oran Park) or within the first stage release of the Catherine Fields precinct       
• work with neighbouring land owners to achieve a master plan and infrastructure contribution strategy      
• pursuing the sale of the land on an englobo basis in a two-year time frame. This time frame will be constantly reviewed with the aim of ensuring that the return to the Fund is maximised.      

The transaction will draw upon significant project delivery, town planning and repositioning expertise possessed by Valad.      

In Sydney’s south-west there is a supply shortage of large-scale landholdings in the hands of institutional developers. Large parcels of land are controlled by private individuals, with few controlled by institutions especially to the north of the subject site. There is a high degree of fragmented ownership. Valad believes that there is strong competition among major land developers to secure contiguous sites for subdivision. Therefore, Oran Park represents a rare opportunity in the south-west which can be expected to attract significant attention when VOF seeks to sell-down an interest in the project.