This article is from the Australian Property Journal archive
Central Equity Group has sold a major Mount Martha development site complete with development permit for $7.5 Million.
The property was purchased by a Queensland based retirement housing developer. The property was offered for sale by tender by conjunctional agents DTZ Australia and Colliers International on behalf of the Central Equity Group.
Located at the corner of Craigie & Dunns Roads Mt Martha, the site has a fully approved and current planning permit for 111 independent living units and 59 serviced apartments.
Central Equity has completed all the preliminary work to achieve the recently awarded Council permit, which has a currency of two years.
The purchaser of the retirement site should be able to proceed with the original development plan, or reappraise the most effective way to develop the substantial land area and the mix of serviced or stand alone living units.
Meanwhile, Central Equity, the vendor of the retirement project, is soon to release the land adjacent to it as a house and land subdivision estate which will feature large central parkland.
The housing estate is in close proximity to the Mornington Peninsula foreshore and once completed, will further enhance the residential amenity of the area.
Pre-sales of the Mount Martha housing estate, which will be known as “Sefton Grange” is being conducted directly by Central Equity Land Corporation.
By Nelson Yap
