This article is from the Australian Property Journal archive
CHINESE-backed developer Dahua Australia has stumped up $100 million for 41 hectares of land in Melbourne’s south east, netting the vendors more than double what they paid for the Clyde North site which was settled just three months ago.
Melbourne-based SightStone bought the site four years ago. They paid $45.58 million.
The approved site can yield about 750 residential lots with an end value of about $250 million.
Much closer to the city, Dahua in May sold off an a car wash investment on a corner lot near its 330-unit project in Hawthorn, and added a large format retail centre in Sydney’s west to its portfolio last year in a $46 million deal.
Late in 2016, the company bought up three development sites in Melbourne’s western growth suburb of Point Cook in a then-record circa-$360 million transaction.
Several major development site deals in the region have been struck recently. Mirvac has just bought 105 Smiths Lane, also in Clyde North, for $70 million. The 30 hectare parcel could yield nearly 300 lots, and neighbours the ASX-listed group’s Smith Lane and Clyde North estates.
The deal comes just after Yourland, backed by Japanese telco Nippon, bought a 12.3 hectare former pea farm in nearby Officer for $43 million, while a Sydney-based developer was behind the $25 million purchase of three consecutive parcels spanning 12 hectares in the same suburb in May.
