This article is from the Australian Property Journal archive
RESIMAX Group has settled on its mammoth acquisition of Eynesbury, an 828-hectare mixed use property development in Melbourne’s west.
Managing director of Resimax, Ozzie Kheir said after an exhausting 12 month process dealing with numerous stakeholders and complexities settlement occurred on 27th December. The group had entered into a joint partnership with Hyde Property Group late in 2018 to develop a $700 million housing estate on 218 hectares of the Eynesbury land that had once been owned by the prominent Baillieu family.
The deal with Resimax reportedly valued the land at $120 million, and came only several weeks after Hyde Property Group’s Francis Kwong and former joint venture partner Richard Gu settled a Supreme Court dispute about the value of Gu’s Eynesbury stake.
Hyde Property Group had struggled to complete payments on time to previous owners, Villa World, after agreeing to a $60 million acquisition of the 1,250 hectare estate in 2014.
Resimax financed the project with the support of Maxcap Group and Japanese entity Nomura. The funding includes $25 million that will go towards road infrastructure, including a second northern connection to Exford Rd as well as a southern connection to Ballan Rd and the City of Wyndham. Deliver of both is expected in the next 24 months.
Resimax development director, Callan Ainsaar said the support of Melton Council throughout the process has been critical, “enabling us to put in place all approvals required to recommence construction on the first 259 lots”, which will be delivered over the next 12 months.
Melton Council, along with state and federal governments and sporting groups, have invested a combined $9 million to build a new sporting and recreation precinct, due to open in 2020.
A new state government primary school is taking enrolments for students in 2021.
Restorations of the golf course are ongoing, as are renovations of the historic homestead that will reopen with a revamped food offering in the coming months. Every weekend while the homestead is being renovated, Resimax has been hosting community events.
