Industry News

The Great Land Sale continues in Melbourne

May 11, 2017

There are five more prominent development sites trading this month in Melbourne with deals worth a total exceeding $40 million.

Located in the inner- west suburb of Yarraville, a 4,288-square metre site that is marketed towards apartment and townhouse builders is exchanging hands for about $10 million.
The land is currently occupied with a short-term lease to an office occupier, returning $360,000 per annum. The land is zones residential 1 land and located between the Yarraville and Seddon train stations, near Yarraville Gardens and Footscray.

Further out to the west, Land Source Australia, owner of the Waterford Estate in Melton South site that had gone into receivership is now up for sale. The high-profile estate that will include houses in addition to an oval, parks and a shopping centre is being marketed by Biggin and Scott on behalf of bank- appointed administrators.

Biggin and Scott are also selling the 21.2 hectare site in Clyde North, 50 kilometres from the Melbourne CBD, for an undisclosed price set to be in the 8-figure range.

To the north of the CBD, a Tony Brady (Brady Group) site located in Hadfield has been sold to another Melbourne developer, ID Land, for $10 million. That amount being twice the price that was originally paid.

Brady Group bought the land in Hadfield at the end of 2014 before obtaining a permit to construct 64 townhouses. The expression of land interest campaign was closed a month ago by CBRE Agents.

Heading Bayside, a 4,645-square metre transport facility in Highett has sold for an approximate $5 million. The area is currently occupied by CityWide as a Transport Facility owned by the City of Melbourne.

These deals follow the recent purchase by AMP Capital last month of the substantial block of land on Donnybrook Road.
The current sales of land for developers in Melbourne is currently flourishing and there are no signs of slowing down.

 
For more information and advice on building career opportunities in VIC, please contact Tyler Lonard on 8256 2200 or tlonard@marble.com.au

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