This article is from the Australian Property Journal archive
A CHINESE developer has snapped up a masterplanned housing estate site with the potential for 1,700 lots at Sunbury in Melbourne's north western suburb for approximately $40 million.
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Located at 725 Sunbury Rd, 37km from the city and on the doorstep of the Sunbury Town Centre, the 206ha site could accommodate between 1,500-1,700 lots.
The agents marketing the site were Biggin & Scott Land`s Andrew Egan and Frank Nagle and Deloitte transaction manager Stephen Hynes, on behalf of the Carmody family.
The family continues to operate the Craiglee Vineyard next door.
The property was reportedly bought by Chinese-born Melbourne-based businessman Bill Dongbiao Zheng`s company Shanghai Ceyuan Investment Management Center.
The sale is further evidence of Chinese investment branching out the CBD and city fringe markets and into the outer suburbs.
Although the Sunbury sale is the largest deal to date, other transactions across Melbourne were on a smaller scale in comparison.
Other deals to Asian or Chinese interests include:
– A 1.48ha site at 442-448 Cheltenham Rd Keysborough for $8.2 million;
– A 1,615 sqm site at 273-275 Para Rd Greensborough for $3.1 million;
– A 1,273 sqm site at 33-43 Dudley St West Melbourne for $12.1 million;
– A 1,692 sqm site at 11-13 Bent St Bentleigh for $4 million;
– 55-65 Railway Rd Blackburn sold for $4.6 million;
– A 5,207 sqm site at 431-439 Burwood Highway Vermont South for $8.5 million; and
– 3,871 sqm site at 2 Wests Rd Maribyrnong for $9.25 million, just to name a few.
Australian Property Journal
