Frasers Centrepoint, a wholly-owned subsidiary of Fraser and Neave, announced today that its Australasian property arm — Frasers Property Australia — has acquired a 13.7 hectare site (about 1.5 million sq ft) in Sydney from the Royal Rehabilitation Centre Sydney (Royal Rehab) for A$82.5 million ($97.8 million).

Royal Rehab is an internationally recognised, premier rehabilitation and disability facility within New South Wales.

This acquisition will increase FCL’s land bank in Australasia from about 8 million sq ft to 9 million sq ft. The group is currently planning and developing over 5,800 homes in Australia and New Zealand.

The site which is located 12km North-West of the Sydney CBD on the border of Ryde and Putney is easily accessible via Victoria Road. Besides building a 2.3-hectare open space for community use, the approved Concept Plan allows for the development of almost 800 residences, including houses, town houses, and apartments. Roads, traffic calming devices and other infrastructure will also be built as part of the project.

The publicly available community facilities such as sport and recreation facilities, a child-care centre and a community meeting room, will be jointly developed by Frasers Property Australia and Royal Rehab.