This article is from the Australian Property Journal archive
POTTER George Group has acquired the adjoining site to their existing land parcel on Tarletons Road, Plumpton in north west Melbourne from Core Projects.
The lot at 35-59 Tarletons Road adjoins number 1-33 on the Bonnie Brook side of the same road, which Potter George Group acquired earlier in 2021 at a combined value of circa $70,000,000.
Trent Malcomson, Chris Jabs and Kane Malcomson from Core Projects, along with Andrew Egan from Biggin & Scott, managed the deal in an off-market transaction.
“We are delighted to have worked on one of Australia’s most significant, privately held land parcels, brokering what is an exceptional deal for our clients,” said Malcomson.
“Core Projects’ and Biggin & Scott Land helped facilitate a fantastic deal for both landowner and developer, and we are proud to continue our strong partnership with landowners within the Western growth corridor.”
Together the 25-hectares of land will produce more than 450 approved residential lots, as well as 0.5-hectare of parkland, to enter the market as Oaklands Estate in mid-2022.
Sitting roughly 30km north-west of the Melbourne CBD, the residential project sits amongst other large masterplanned communities such as Mirvac’s Woodlea Estate, Dahua’s Westwood and Potter George’s own Kerani Heights.
The new housing supply will meet demand for lots in Melbourne’s western growth corridor, which has dropped 24% from September to October, while sales have lifted by 36% over the same period, according to Core Research.
The Core Land Team have already completed eight transactions worth more than $400 million, since August, including the September sale of their Mystique Estate in Wollert, which was purchased by developer Peet Limited.
While the group is also anticipating more than $70 million in the sale of 32 hectares of land on Victoria’s Surf Coast, which has the potential to deliver between 350 and 400 residential lots and has been billed as the last opportunity of this scale remaining in Torquay.
