This article is from the Australian Property Journal archive
BABCOCK & Brown Residential Land Partners and Links Living have sold a super lot parcel lot at the Sandhurt Club residential and golf estate for $41 million.
The 38 hectare parcel was previously adjoined to the Sandhurst Club development. BLP’s 26.7% interest in this land was acquired in September 2006.
BLP’s managing director Michael Balkin said this super lot sale at Sandhurst is an excellent result for BLP Securityholders.
“This sale enables us to realise a substantially higher return than originally anticipated within a much shorter timeframe.
“We are confident that the proceeds from the land sale at Sandhurst can be redeployed within a short time frame on one of the many opportunities currently under review within BLP’s acquisition pipeline,” he added.
Following this transaction, the Sandhurst Club development still consists of approximately 270 hectares which, as recently announced, is currently being offered by Links Living Limited as part of their total residential portfolio sale.
This transaction has been negotiated over the past six months, and will not impact the larger sale process due to the super lot parcel being located on the western side of McCormick’s Road and quite separate from the masterplanned residential community surrounding both the club house and existing golf courses.
Australian Property Journal
