This article is from the Australian Property Journal archive
DEVELOPER Satterley Property Group has taken control of the Arena master planned residential estate in Greenvale from Peet Limited.
Satterley purchased the 198ha project from Peet Limited for $93.1 million and settled the first instalment of $25 million on 10 December.
Satterley’s Victorian general manager Jack Hoffmann said he was delighted to takeover at Arena and add the development to Satterley’s growing portfolio.
“Arena is a fantastic acquisition for Satterley, and for the last four months we’ve been eagerly waiting to take over sales and management of the development.
“Taking over also confirms Satterley’s commitment to growing our market share in Victoria. With two projects in the north – Riverstone and Coburg Hill – close to trading out, Arena refreshes our development pipeline in the strategic Hume growth corridor,” Hoffmann said.
Satterley’s market share in Victoria has tripled over the past two years, from 3% of total residential land sales to over 10% today.
Australian Property Journal
