EnergyAustralia, one of Australia’s leading energy retailers, today announced it had agreed to sell a 125 hectare parcel of land nearby its Tallawarra power station in New South Wales to property developer Bridgehill Group. As part of the sale agreement, Bridgehill will revegetate an additional 55 hectares of land.
Located on Lake Illawarra, the 180 hectare lot known as “Tallawarra Lands” comes with a government-approved concept plan for more than 1,000 homes, as well as rejuvenated public space for conservation and recreational use.
EnergyAustralia’s Chief Financial Officer, Alastair McKeown, said the land was surplus to the company’s core business of operating the Tallawarra power station, Australia’s most thermally-efficient gas-fired plant.
“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,” he said.
“The reality is our core business is supplying customers with reliable and affordable energy, rather than holding and developing property. The Tallawarra plant and potential Tallawarra B expansion are both important to the energy security of New South Wales and demonstrate EnergyAustralia’s commitment to economic development in the region,” said Mr McKeown.
Bridgehill Group’s Managing Director, Yibin Xu said the company is committed to the sustainable redevelopment of this land and recognises 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 pride ourselves on delivering projects of the highest quality and Tallawarra Lands will be no exception,” said Mr Xu.
“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.
Bridgehill Group will now commence the detailed planning required for the next stage of development and seek approval for any proposed variations to the Concept Plan. There will be further opportunities for community consultation as part of the planning approval process.
The completion of the sale is expected in 2018 once final approvals and land titles are available; development is expected to commence shortly after.