This article is from the Australian Property Journal archive
MORE than $60 million is expected for a former Victorian horse stud in Melbourne’s south east that was home to Bart Cummings-trained 1969 Caulfield Cup winner Big Philou.
Known as Jesmond Dene Stud, the 78.76-hectare landholding at 425 Officer South Road, within the Officer South Employment PSP, boasts a 1,485-metre frontage to Officer South and Patterson roads and enjoys a central location bordering the Clyde North and Officer growth precincts.
On the opposite side of Cardinia Creek is Mirvac’s $1.5 billion Smiths Lane project that is set to deliver a new town centre along with 3,600 homes.
Once a predominately farming area, the Cardinia and Casey municipalities are being transformed by major population growth. Also undertaking master-planned communities in the area are Stockland, Frasers, Dahua, Dennis Family and Satterley.
Julian Heatherich, Benson Zhou and Colin Tarlamis of Savills are marketing the Officer South property.
Heatherich said demand has seen record price growth in lot sales in Officer and the surrounding growth areas of Clyde, Cranbourne and Pakenham. Casey recorded the biggest annual change in lot prices over the year to the end of September, up 18.5%, according to Oliver Hume.
The current median house value in Officer is $709,960, representing 62% leap in five years. Officer, Clyde and Clyde North are expected to welcome 96,000 new residents and 48,000 new homes over the coming two decades,
Both Lakeside and Arena Shopping Centres are within short driving distance of the property and are underpinned by a full line Woolworths supermarkets, and further amenity will be provided by the future Officer and Smiths Lane town centres.
Tarlamis said the site is well-serviced by transport linkages with easy access from the site to the Princes Freeway, with an on and off-ramp currently under construction for the South Officer Road and Princes Freeway intersection.
Expressions of interest close 3rd December.
Earlier this year, the owners of three consecutive land parcels in Officer took advantage of the conditions and offloaded the near-10 hectares of land for $25 million to a Sydney developer.
At the beginning of this year, 115 Bayview Road in Officer, with 7.31 hectares of developable land, sold for $16.23 million. Potter Group offloaded 110 Bayview Road in August for $7.2 million, while at the beginning of 2020 a 12.15-hectare site at Lot 2 Rix Road sold for $26.6 million.
