Norman name used to sell $300m Sydney estate
Former professional golfer-turned-businessman and master brand licensor Greg Norman is attaching his name to a new $300 million upscale housing estate in south-western Sydney developed by Sekisui House.
The development at Gledswood Hills near Campbelltown will be next to a nine-hole golf course designed by Norman’s company and is the first Norman Estates project in Australia.
Sekisui House Australia general manager Craig D’Costa said Norman Estates was part of the premium Hermitage section of the 250-hectare subdivision and includes 190 freestanding homes and terraces.
Mr D’Costa said Sekisui House had been developing Gledswood Hills, parts of which used to be the well-known El Caballo Blanco Andalusian theme park, since 2012.
It has sold 1300 lots and has capacity for 1200 more. Demand is high across the development, with an auction on July 26 for 26 lots in the Lakeside precinct attracting bullish bidding.
All were sold well above reserve at an average of $750,000, with the top price of $1.01 million paid for a 620sq m block, land only.
It is an encouraging sign for Norman Estates, Mr D’Costa said, as prices will start at $1.35 million for a four-bedroom home on 550sq m.
‘Very authentic’
He said Sekisui House had been talking on and off with Norman, who spent 331 weeks as the world’s top-ranked professional golfer, for a long time about collaborating on a residential development.
“It’s been six years in the planning since we first connected on the golf course development,” Mr D’Costa said.
“Greg has a long-term commitment to sustainability and innovation across his businesses, as does Sekisui House, so there was a natural synergy of branding and development philosophy.
“We had continual involvement with Greg’s development team and we’ve hosted Greg in Japan, taking him through some of our projects as well as one of our largest manufacturing facilities in Tokyo.
“It’s very authentic. My team and myself have sat in Greg’s Florida office, talking over architectural plans and details.”
On the subject of payment to use the Norman Estates brand, Mr D’Costa said: “I’d rather not go into the details but there is a commercial arrangement from a financial perspective as well as brand.”
Norman Estates is a community title development with residents paying quarterly levies for precinct maintenance and access to a central clubhouse with residential lounge, tennis court, pool, gym and spa.
“There’s no gates on but it has been uniquely designed in that passers-by don’t necessarily want to drive through. It’s basically an island among golf courses. It’s a very unique design.
“We’re finding people are looking to invest in smaller communities that have a regimented maintenance regime and upkeep.”
The mostly four- to five-bedroom homes will be built using Sekisui’s Shawood construction system across 60 different floor plans on the 17-hectare site.
Norman, who is on a boat and uncontactable, said in a statement he was “excited” about the project. Construction has started with completion of the initial tranche due later this year.
Source: Financial Review
