500 lot subdivision sells for $60,000,000 + in Melbourne’s West.
- Category Land
- Date 09.06.2022
Trent Malcomson, Director – Land
Core’s Land Team are delighted formally announce the successful transaction 955 Ballan Road, Manor Lakes. With plans and permits approved, this 45.3ha (112 acres) landholding will yield of 489+ residential lots and a further two medium-density super-lots. The international ‘Expression of Interest’ campaign run by the Core Land team saw 18 formal offers received. The property attracted a strong mix of Australian and off-shore developer interest and was extremely well contested under very competitive conditions.
The transaction was negotiated by Trent Malcomson, Chris Jabs, and Kane Malcomson of Core Land, and underpins the continued strength of the Victorian greenfield land market.
Details of the project include:
- 489 residential lots, plus a further two-medium density super lots
- 45.3ha of PSP approved land
- The site is surrounded by large master-planned communities with Jubilee by Lotus Living to its north, and Manor Lakes by Dennis Family to its west.
Quote – Trent Malcomson, Director – Core Land
“Over $1 billion in capital allocation was received in the first round, underpinning the strength and depth of market and demonstrating the strong level of active capital in the market at present, particularly in Melbourne’s Western greenfield residential development site markets. The top 5 parties were shortlisted, all of which exceed our vendors price expectations. At the conclusion of the third round the property sold on unconditional basis to a Melbourne based private development group for a record sale price for the precinct, on very short settlement terms.
The depth of bidding from both local and international buyers, and the sales result that was achieved is indicative of the Core Land Teams’ capability to achieve premium price outcomes on the most favourable terms for our clients.Our Core Land team transacted over $1.4 Billion worth of land in 2021 across Melbourne’s metropolitan and regional land development markets.”
