This article is from the Australian Property Journal archive
EXCLUSIVE: BRUCE Chan’s company Growland is living up to its name after quietly transacting another major land deal that has made the property developer almost $300 million richer.
Industry sources have told Australian Property Journal that Growland has sold a future residential subdivision at 370-480 Hamilton Highway Fyansford near Geelong for $109 million.
According to industry sources, Growland has sold the major residential development site to property developer, VIMG.
Fyansford is near the junction of the Moorabool and Barwon Rivers, about five km west of Geelong and 80km from the Melbourne CBD, the 85.04 hectares land has two street frontages along Hamilton Highway and Fyansford-Gheringhap Road.
It is within the McCanns Lane PSP and has the potential to yield approximately 1,100 housing lots in a master-planned community.
It is an attractive future residential community, located just 15km from Avalon airport and within proximity to Victoria’s most elite private schools including Geelong Grammar, Geelong College, Kardinia International College, St Joseph’s College and Sacred Heart.
The property was put on the market in June last year through agents Colliers Trent Hobart and Michael Gardiner.
The Fyansford sale comes hot on the heels of Growland on selling a nearby 128.70-hectare land at 205 Geelong Ballan Road Moorabool to Villawood for $176 million, as reported by Australian Property Journal.
Growland flipped the site for a 250% profit after acquiring the land for $49.76 million from real estate agent Manpreet “Everything I touch turns to sold” Dandiwal.
Growland bought the Moorabool property in September 2019 but only settled on the acquisition in July 2022.
Between the purchase date and settlement date, it put the land on the market in October 2021 and flipped the site in March 2022 – four months before it was due to settle its purchase with Dandiwal.
However, the deal was almost scuppered after Growland sought an early release of the deposit from Villawood, with the dispute escalating to the Victorian Supreme Court.
Villawood responded to the rescission notice by launching legal action to declare that the rescission notice was invalid and it was not in default and won the case.
