This article is from the Australian Property Journal archive
The land has a potential yield of over 1,400 residential lots plus two sites that would be suitable for retirement living and a neighbourhood activity centre, with an end value in excess of $250 million.
The latest acquisition brings Investa Land’s portfolio to over 30 residential and industrial developments across Australia, totalling over 10,900 residential lots and over 790ha of industrial land.
Investa Land group executive Cameron Holt said this acquisition represents a fantastic opportunity in a key growth-corridor in Melbourne’s north-west.
“The acquisition signals that Investa is back in the market and is actively looking for opportunities. Investa has a strong record of delivering leading residential developments and we’re looking forward to what we can create here at Diggers Rest.
Investa Land national acquisitions manager Chris Plant said the acquisition is a great result after months of negotiation and collaboration with the vendor.
“The deal was finalised upon the site’s recent inclusion in Melbourne’s Urban Growth Boundary, which provides Investa with greater certainty from a planning point-of view.
“Investa is currently working with the Growth Areas Authority to formulate a Precinct Structure Plan for the area, which will involve engaging with the local residents to ensure that the site integrates within the local community. This will include access to local education, sporting and transport facilities,” Plant said.
Australian Property Journal
