Mayor Byrne said with $40million generated from sales at Grey Gum Estate, there as already a net profit of more than $23 million from the development.
Classified as operational land, the 26 hectares of land on Withers Rd, Kellyville was subdivided into 83 single residential lots and eight medium density sites.
With all 83 single lots sold and negotiations underway to sell the remaining medium density sites for a net return exceeding a further $25million, Council has generated cash that will help secure Council’s sound finances and a positive financial outlook.
Hills Shire Mayor Dr Michelle Byrne said she was particularly pleased with Grey Gum Estate because the sale of land would be invested into the future of the Sydney Hills, while a significant chunk of the land has been preserved for the community to enjoy.
“I think it’s fantastic that we’ve secured around 12 hectares of land for passive recreation. This parcel of land will be preserved as bushland and as a habitat for native plants and animals,” Mayor Byrne said.
“The Hills is one of only three NSW Councils that has been rated as having sound finances, strong asset management and a positive financial outlook. The fact that we don’t solely rely on rates and grants is a major factor in our financial sustainability.”
Council’s Manager of Property Development Laurie Doorey said the development was made possible by co-operation between three levels of government.
“We were issued with the first BioBanking statement in NSW and that allowed us to conserve 12 hectares of urban bushland while enabling us to achieve the type of the development we thought would be suitable for the area,” Mr Doorey said.
“We worked with both the Federal Department of Environment and the NSW Office of Environment and Heritage on this outcome and I think it’s been a very favourable outcome for residents on many levels. This money will be invested into our future but we’ve also got this pristine bushland to enjoy for generations to come.”
