EnergyAustralia is letting go of 180 hectares of pristine land next to Lake Illawarra.
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The lot, known as “Tallawarra Lands”, is being sold as two parcels to property developer Bridgehill Group.
One 125 hectare parcel sits nearby the Tallawarra power station (a thermally-efficient gas-fired plant), while as part of the sale agreement Bridgehill will revegetate an additional 55 hectares of land.
The location with sweeping views of the lake, also comes with a government-approved concept plan for more than 1000 homes plus a rejuvenated public space for conservation and recreational use.
We’ve concentrated on finding a buyer that would develop the site in a way that has the best outcomes for the region.
- Alastair McKeown
EnergyAustralia’s chief financial officer Alastair McKeown said the land was surplus to the company’s core business of operating the power station.
“Since we announced our plans to sell Tallawarra Lands we’ve concentrated on finding a buyer that would develop the site in a way that has the best outcomes for the region at heart - for both the environment and the community,” Mr McKeown said.
Bridgehill Group’s managing director Yibin Xu said the company is committed to the sustainable redevelopment of the land.
He said they recognise the significant long-term social and economic benefits it will bring to the local community through affordable housing, improved local amenities and new employment opportunities.
“We intend to develop the land broadly in line with the approved concept plan, and are committed to delivering over 1,000 homes and improved public amenities for the Illawarra region,” said Mr Xu.
The completion of the sale is expected in 2018 once final approvals and land titles are available; development is expected to commence shortly after.
In 2014 the energy announced an eight-week expression of interest campaign, though at the time the lot included 275 hectares.
The site had also been earmarked for a retail and business industrial component with the then plan allowing for development of three precincts (north shore, central and southern).
An EnergyAustralia spokeswoman said the difference of 95 hectares will be retained and revegetated by themselves.
“We may consider selling this and other land deemed surplus to the operation of the power station at a future stage,” she said.
“A mixed employment zone is included in the concept plan.”