This article is from the Australian Property Journal archive
CORE Project’s Mystique Estate in Wollert has been purchased by developer Peet Limited, highlighting the strength of Victoria’s greenfield land market.
The permit approved and actively trading 25.75-hectare landholding is located 26 kilometres from Melbourne’s CBD and set to yield approximately another 300 lots.
Kane Malcomson, Chris Jabs, and Trent Malcomson from acquisitions at Core Projects negotiated the transaction, off-market via an expressions of interest campaign.
“We are delighted to have transacted a fantastic, permit approved and active estate on behalf of our client. Peet Limited is an exceptional development group and will deliver a fantastic project across the balance of 300 lots,” said Core Projects acquisitions team.
Throughout the competitive sales process, Core Projects fielded 15 formal offers, with offers coming from both Australian and international developers.
“Core Projects’ depth of understanding of Melbourne’s Northern growth corridor has helped facilitate a fantastic deal for both landowner and purchaser, and we are proud to continue our strong partnership with landowners within the Northern growth corridor,” they added.
The acquisition comes after Peet posted a solid 2021 full-year operating profit and statutory profit the range of $28.5 million, up 89% and inline with the group’s predictions.
The actively trading estate includes 550 residential lots, with 250 lots already sold, constructed and settled, with the balance of 300 lots outstanding.
The landholding is situated amongst other large master planned communities, including Dahua’s Wollert Rise, Bauenort’s FindonView Estate and AV Jennings’ Lyndarum North, as well as Cedar Woods’ 21.7-hectare Mason Quarter, which the group acquired in January of this year.
