Melbourne’s CBD to receive $100 million apartment tower
Superfund-backed developer Cbus Property has been given the green light to build…
12 December 2018
Frasers Property Australia is expected to be acquiring Stockland’s The Grove Estate in Melbourne’s west for more than A$200 million, set to be one of the biggest residential land deals of the year.
The Grove Estate was quietly put up for sale in October as it looked to recycle capital to fund a $350 million buyback of its securities and reduce its gearing.
It is understood that the Singaporean developer will take control of the 167-hectare estate with contracts expected to be exchanged before the Christmas break. The $700 million community has generated about 1300 lot sales since Stockland launched it in 2014.
The unsold portion of The Grove offers 107 hectares of development land and about 1780 housing lots (of which 411 are already sold) as well as a number of “super lots” for schools, town centres and medium-density housing.