This article is from the Australian Property Journal archive
LESS than one year after launching a $19 million project, the Potter Group has offloaded a 4.047 hectare residential development site in Melbourne’s south east to a home builder for $7.2 million, instead focusing on its larger developments.
Located between Beaconsfield Village and Officer Town Centre, 50 kilometres from the CBD, the Northridge site has been earmarked for a 51-homesite residential subdivision.
The Potter Group was planning lots ranging from 374 sqm to 568 sqm with an average price of $365,000, and with house and land packages from Victorian builders available.
Andrew Egan of Biggin & Scott negotiated the sale.
The Potter Group is developing a number of residential projects in outer Melbourne including the 200-homesite Kerani Heights development in the new north western suburb of Fraser Rise, and Trijena, comprising 624 lots at Mickleham on the northern fringe.
“We are delighted with the outcome which will allow us to continue focusing on larger development sites,” the Potter Group’s project director, Scott Payten said.
“The sale reinforces the continued confidence from home builders in this exciting growth corridor,” he added.
RPM Real Estate Group’s quarterly residential market review showed June sales hit 2,043 lots, the strongest monthly sales result since November 2017, as the federal government’s announcement of the HomeBuilder grant and easing of coronavirus restrictions lifted sentiment.
