This article is from the Australian Property Journal archive
FORMER Liberal MP Marshall Baillieu has sold the family’s Minta Farm in Berwick to Stockland for $200 million.
The sale price exceeds the family’s original expectations of $150 million.
The 286ha cropping site in Melbourne’s south-east growth corridor is about to be rezoned to allow for residential and commercial use, with the potential to hold 3,000 dwellings and 10,000 jobs. The working farm has been held within the family since the 1920s, and its offering follows its circa-$100 million sale of the 4,953-hectare Woodhouse Station in Melbourne’s west to China’s Fucheng Group in August.
Stockland has acquired Marshall Baillieu’s portion of the site, which totals 144ha.
CEO Mark Steinert said the property is one of the best greenfield development sites in south east Melbourne.
Subject to a successful rezoning outcome, first land sales may commence in 2019 or 2020. The land is anticipated to yield approximately 1,700 lots in a $1 billion plus development.
“We expect the development to deliver an IRR within the target range of our residential business. It will increase our weighting and exposure to the growing Melbourne residential property market, allowing us to maintain strong sales momentum for many years to come.
“We have a strong brand presence and an excellent reputation for the design, development and delivery of high-quality communities in Melbourne. This acquisition presents us with a unique opportunity to follow on from our series of recent, successful developments in the area, such as Eve, Sierra, Arbourlea and Selandra Rise, which was recently recognised by the UDIA as Victoria’s best masterplanned community for 2016,” Steinert said.
Minta Farm is located at 2 – 106 Soldiers Road, Berwick, on the southern side of the Princes Freeway. The property includes some outstanding natural and heritage features including ornamental lakes, extensive views, established landscapes and conservation areas.
Australian Property Journal
