UrbanGrowth NSW To Buy Up, De-risk and Onsell Land For Development

26/09/2012 5:28 am

The new state body UrbanGrowth NSW will buy up, de-risk and onsell land for development. However, the new body expects developers to move quickly to develop as a result.

Landcom Chairman John Brogden, who will Chair UrbanGrowth NSW when it is established via a merger of Landcom and the Sydney Metropolitan Development Authority (SMDA), said UrbanGrowth would facilitate development for both large and small housing development sites.

Mr Brogden, addressing UDIA NSW’s President’s Luncheon last week, said Landcom would forego its income-generating land retailing role in favour of stimulating housing supply by the private industry.

It would aggregate large land parcels and rezone, masterplan and super lot them for onselling to private developers. That may involve using compulsory land acquisition powers that will be given to UrbanGrowth NSW by the State Government, he said.

He said at any stage through the process of land assembly through to super lotting, if the developers  wanted to acquire that land for development, UrbanGrowth would release the land.

“If we aren’t going to retail land and we are going to forego the opportunity for government revenue, but we’re going to supply that land in a fashion for you – in the right sizes, de-risked and ready to roll, we need to know that you are ready to pick it up and move with it,’’ Mr Brogden said.

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