This article is from the Australian Property Journal archive
SGX-listed developer Ho Bee Land has confirmed another purchase of land in northern Melbourne, this time picking up a development and convention centre site for $142 million.
The Aitken Hill Conference Centre in Craigieburn was put in the hands of receivers PwC Australia mid-year after the collapse of Chinese conglomerate HNA Group, and put to the market with expectations of about $100 million in August.
Constructed in the late 1980s, the property features five-star conference and events spaces, a 124-room hotel, sporting, leisure and hospitality facilities, and parking for 150 vehicles.
The property spans 68.52 hectares close to Melbourne Airport and is within the Craigieburn West Precinct Structure Plan (PSP).
It has been closed for the duration of the pandemic.
“The site is well served by surrounding transport infrastructure, shopping centers and employment nodes,” Ho Bee Land said in a Singapore stock exchange statement.
“The acquisition presents a major master-planned development opportunity within Melbourne’s northern growth corridor. It is estimated to deliver approximately 1,150 residential lots, parks and wetlands.”
Biggin & Scott’s Andrew Egan, CBRE’s David Minty and Scott Callow were been appointed to coordinate the sale of the conference centre.
The sale marks another sale in the area for Ho Bee Land, which has just bought a 45.61 hectare site in Mickleham, also in the Craigieburn Wests PSP.
Land prices across Melbourne’s key growth corridors jumped by 7.7% in one year, with the median price of conventional lots in almost every municipality now significantly higher than $300,000, according to Oliver Hume.
Diversified developer Stockland recently added 140 hectares of land in Beveridge, north of Mickleham, to its portfolio for $125 million with expectations it will yield around 1,400 dwellings.
On the other side of Craigieburn, developer Peet Limited has picked up Core Project’s Mystique Estate in Wollert.
