434 Hectare Donnybrook development site sells to private developer

  • Category Land
  • Date 30.04.2021

Core Projects is delighted formally announce the successful transaction Merri Park, Donnybrook/Beveridge to a Melbourne based development group. At 434ha (1000+ acres), this will be one of the most significant greenfield transactions within Australia in 2021, it is also the largest land transaction in the North for the past 3 years. With over 120 unique enquiries and 12 formal offers, the property attracted a strong mix of Australian and off-shore developer interest.

The transaction was negotiated by Kane Malcomson, Chris Jabs, and Trent Malcomson of Core Projects, and underpins the current strength of the Victorian greenfield land market. Known as Merri Park, this exceptional 434ha land parcel comprises 900-1000+ lots of PSP approved residential land and 199ha of premium future industrial land that sits within the nationally significant Beveridge Intermodal Freight Terminal precinct.

Details of the project include:

  • 434 hectares / 1072 acres
  • 1,000 + PSP approved residential lots
  • A further 200ha sits in the Northern Freight PSP, which is designated for the nationally significant ‘Beveridge Intermodal Freight Terminal’ – the project is one of the few that the state and federal government are discussing/considering to activate quickly as part of the economic stimulus package post COVID19. It will create circa 35,000 jobs.
  • The site is surrounded by large masterplanned communities, including Stockland’s Cloverton Estate, Mirvac’s Olivine and Dennis Family’s Peppercorn Hill.

This is the 8th on-market transaction brokered by Core Projects in Melbourne’s growth corridors in the past 6 months, with the company also facilitating the transaction of two large farms in Melton, a significant development site in Mornington, and several large sites in Melbourne’s South-East growth corridor.

We are delighted to have worked on one of Australia’s most significant, privately held land parcels, brokering what is an exceptional deal for our clients. Core Projects’ depth of understanding of Melbourne’s Northern growth corridor has helped facilitate a fanstatic deal for both landowner and developer, and we are proud to continue our strong partnership with landowners within the Northern growth corridor – Kane Malcomson, Chris Jabs & Trent Malcomson, Acquisitions, Core Projects.

Market Research

The greenfield market remains incredibly strong in Melbourne’s Northern growth corridor. In Quarter 1 of 2021 (January, February & March) the the Northern growth corridor market sold approximately the same amount of lots that it did for the entire 2019 calendar year.

With under 1 month of supply for retail lots currently in the North – and only a handful of titled allotments – developers are scrambling to release new stock to market to keep up with unprecedented demands.

  • Quarter 1 (January, February & March) 2021 = 1,960 retail lots sales in Melbourne’s northern corridor
  • 2019 Calendar year = 1980 retail lots sales in Melbourne’s northern corridor
    – Grant Neilson, Greenfield Research Specialist

About Core Projects

Formed in 2015 as the result of a merger between two of Melbourne’s longest-standing and respected land sales and project marketing businesses, Core Projects is a driving force in Victoria’s broad acre and greenfield land market.

Core Projects’ Acquisitions team transacted over $300m worth of land in late 2020/early 2021 across Melbourne and Geelong’s growth corridors. In addition to consulting with land owners and developers to sell or acquire land, Core Projects also leads project marketing and sales. The project marketing team has sold over $1.4 billion in land lots in the last three years. This is all undertaken with a “people and positive impact” focused approach.