This article is from the Australian Property Journal archive
PROPERTY developer Sunland has purchased a 5.1-hectare site in Melbourne’s south-eastern suburb of Carrum Downs for $13 million, with intentions to building a 185 terrace home development with an end value of around $100 million.
Zoned General Residential Development, the land encompasses two sites – 17 and 18 Pagett Road –and has an existing development plan overlay.
Last week, the group paid $13.1 million for a 3.26-hectare site in Kenmore, in Brisbane’s south-west, with intentions to start construction on a $65 million, 96-townhouse residential estate in the first half of next year.
Sunland’s managing director Sahba Abedian said the group intends to lodge a development application for the Carrum Downs property in the second half of 2018.
“Carrum Downs is an established suburb close to local beaches, schools, retail and transport, and remains an affordable corridor in Melbourne’s growing south-east,” Abedian said. “We see great opportunity to deliver a design-driven, medium-density development of three and four-bedroom homes, enhanced by community parks and green spaces, and connectivity to its established surrounds.”
The site is close to the Dandenong Valley Highway and Eastlink, local retail centres, schools, and park and recreation reserves.
The transaction is expected to settle in December.
Sunland’s current portfolio in Victoria includes The Gardens, a master planned medium-density community in Chirnside Park that is sold out and under construction.
Last year, Sunland settled the final stage of its medium-density community in Springvale, Carre Residences.
Australian Property Journal
