This article is from the Australian Property Journal archive
EXCLUSIVE: A SIGNIFICANT development site with potential for a masterplanned community of 900 homes in Melbourne’s emerging growth corridor, that was once owned by the late Her Majesty Queen Elizabeth II, has changed hands for first time in generations.
Industry sources have revealed to Australian Property Journal, that active property developer Jinding has snapped up a 136.9-hectare site in Broadford in the Shire of Mitchell, approximately 73 km north of the Melbourne CBD.
The site has estimated development feasibility of up to 900 lots (STCA).
Located at 879 Broadford Kilmore Road, the site is part of the Broadford Structure Plan, which was released for consultation in 2020 by the council and endorsed in 2022. The site represents the first stage of rezoning the land from farming to General Residential Zone.
The BSP was developed in line with the state government’s 2017-2050 planning, and the Hume Regional Growth Plan to accommodate Greater Melbourne’s expected population growth from 5 million to 9 million people by 2056 and Victoria growing from 6.5 million to 11.2 million over the next four decades.
The BSP identified Broadford as one of the key emerging growth areas, expected to house an additional population of around 10,000-15,000 over the next two decades, which is more than three times the current population.
According to industry sources, the vendor was the Caplehorn family and the site has been in the family for generations.
Industry sources revealed to Australian Property Journal that the Caplehorn family acquired the site from the Crown.
“The previous deed of transfer was signed by the late Queen Elizabeth II to Robert Caplehorn.
“This was a generational site,” sources said.
The Crown sold the farming land to the Caplehorn family for only $92,500.
It is believed Jinding has acquired the site for around $20 million, industry sources told Australian Property Journal.
The selling agent was CBRE’s David Minty, Nathan Nufale, Matt Childs and Shane McIntyre.
The acquisition aligns with Jinding’s strategy to build up its development pipeline. Recently the group started on a new $280 million community in Geelong’s Armstrong Creek.
In May Jinding launched a funds management business, Landon Capital, to target Asia Pacific investors looking to invest in Australian real estate. Ladon Capital raised funds for $385 million The Patch development at Wollert and $274 million Harriott development at Armstrong Creek. Jinding is also donating proceeds from sales to not-for-profit social enterprise Homes for Homes to fund social and affordable housing.
Interestingly the Broadford site was sold with a long settlement term of seven years, which could allow Jinding to potentially mimic Bruce Chan’s Growland windfall play.
Growland last year flipped a super development site it had not even settled on, for an eye watering $176 million. Chan sold the 128.70-hectare land at 205 Geelong Ballan Road Moorabool in greater Geelong, after acquiring the site from real estate agent Manpreet “Everything I touch turns to sold” Dandiwal, for $49.76 million in September 2019.
The sale price represents a 250% profit for Growland – three months before the group was due to settle on the acquisition.
Dandiwal, the founder of PSP Property Group, bought the land in 2015. At the time of the sale to Growland, he was hailed as the agent that had the Midas touch, as he was able to capitalise on the boom in Melbourne’s land prices. One can’t help but speculate what would have been for Dandiwal, had he waited another two years.
Meanwhile interest in land is on the rise as developers look to shore up their development pipeline for the next cycle. There is at least $2 billion of capital currently in the market chasing opportunities across industrial sites, childcare centre developments, medium density super lots and residential land subdivision.
