This article is from the Australian Property Journal archive
DEVELOPER Nigel Satterley has bolstered his interests in Melbourne with the $34 million acquisition of a 68ha Donnybrook site.
Already Australia’s largest privately owned residential land developer, Satterley has acquired the 1,000 plus lots at Donnybrook, which are expected to be available for sale in 2018/19.
Satterley said the latest acquisition will replace the company’s highly successful project ‘Riverstone at Plenty River’, which is currently trading out.
He added that it will also increase the company’s market share in Victoria and comes hot on the heels of a $100 million purchase of a 214ha parcel of land in Mickleham, which has potential for 2000 lots.
The property mogul is also reportedly in due diligence on a 135ha site in Caroline Springs, with a $70 million asking price.
The Donnybrook site is Satterley’s eighth landholding in Melbourne including Coburg Hill, Coburg; Riverstone at Plenty River, Doreen; True North, Greenvale; Springtime at Mickleham, Mickleham; Arcadia, Officer; Upper Point Cook, Point Cook; and Habitat on Davis Creek, Tarneit.
“This will put us in good stead for the next few years and shows our ongoing commitment to expanding our business, especially in the Melbourne land market.
“There is still good demand for housing in Melbourne and land is becoming scarce,” he said.
“This was a strategic acquisition to maintain our presence in the popular Whittlesea corridor where a number of Australia’s leading developers have projects,” Satterley said.
Australian Property Journal
