This article is from the Australian Property Journal archive
A DEVELOPER has snapped up a development site within Devine and The Gull Group's Stonehill masterplanned community at Maddingley in Bacchus Marsh.
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The 10 McCormacks Rd site has approval for a $20 million neighbourhood shopping centre with a maximum leasable floor area of 6,000 sqm, including a full line supermarket of 3,800 sqm 1,480 sqm of specialty shops, a service station and parking for 265 cars.
The 2ha neighbourhood activity centre site is located within the $550 million Stonehill development, approximately 50km west of Melbourne’s CBD. Stonehill is a 167ha 1,500 lot, masterplanned community which will ultimately become home to some 4,200 residents.
Savills agents Pat De Maria and Julian Heatherich sold after the conclusion of an expressions of interest campaign, which received more than 85 enquiries from local, interstate and offshore developers.
“Retail development sites in master planned communities such as this are few and far between and so when they do come up the response is usually overwhelming.
“They offer a built-in catchment, virtually guaranteeing a high level of tenant demand and retail turnover growth and with development approval in place most of the hard work has been done. A developer can really hit the ground running,” De Maria said.
De Maria said the price was confidential.
Australian Property Journal
