This article is from the Australian Property Journal archive
HYDE Property Group is expecting to reap more than $120 million by slicing a 218.5ha site within the 1,250ha Eynesbury development, after paying only $60 million for the entire $3 billion estate only three years ago.
Hyde Property, backed by Francis Kwong and a Singaporean and Malaysian syndicate, bought the Eynesbury estate in August 2013 from Villa World and the Ballieu family.
Set on 1,250ha of land, Eynesbury is a 4,500-lot development that surrounds a championship golf course and heritage homestead, 40km north-west of Melbourne’s CBD.
The acquisition made headlines for the wrong reasons, with Hyde missing payment deadlines and eventually settling on the purchase only two years ago.
Earlier this year, Hyde Property made headlines again after Kwong and his backer Richard Gu headed to the Supreme Court of Victoria over money. Kwong was trying to prevent Gu from putting the Eynesbury estate and golf course into receivership.
Kwong and Gu had earlier reached an agreement for Kwong to buyout Gu’s stake in the project for $21 million.
Yesterday Hyde Property CEO Russell Jackson said the decision to sell a portion of the site will enable the developer to fast-track the construction of critical infrastructure.
Located towards the southern end of the development, potential buyers have the opportunity to purchase one of two parcels of land, or the entire superlot, which has been zoned for mixed-use and offers direct access to Wyndham, Werribee and Point Cook.
“Hyde Property Group is fully committed to the development and delivery of Eynesbury, so to do that we are seeking to take a small portion of the master-plan to market so that we can free up immediate capital in order to invest into the delivery of key infrastructure.
“We recognise that by selling off a small portion of the site whilst the market is strong, it will allow us to fast-track the delivery of over 10 hectares of community amenity and infrastructure currently planned for the development,” said Jackson.
The sale is being managed by Savills’ Clinton Baxter and Julian Heatherich.
Baxter said land sales in Melbourne’s rapidly growing western suburbs are at all-time record levels with developers simply unable to deliver sufficient stock into the market to meet the rapidly escalating demand.
“Hyde Property Group has already received a number of enquiries from both local and international entities regarding this parcel of land, however, has elected to implement an ‘on market’ strategy for the sale,” Baxter said.
“Given the unique and established nature of the Eynesbury township, we are anticipating exceptionally strong interest in the sites from local, national and international developers and the sites are expected to sell for a combined price exceeding $120m,” he added.
“The mixed-use site presents a fantastic opportunity for developers to secure prime development land within a steadily growing area which already has an established community, abundant local heritage and natural sites, and one of Australia’s top 100 golf courses as its centrepiece,” Heatherich said.
Australian Property Journal
