This article is from the Australian Property Journal archive
WESTERN Australia-based developer Satterley Property Group is ramping up its business in the east coast with a $100 million purchase of a 125ha site at Point Cook West.
Satterley Property Group CEO Nigel Satterley beat the $85 billion Future Fund, Mirvac, WA-based Cedar Woods Properties and Villawood Properties for the site.
Located at 1 Hacketts Rd, the 2,000-lot parcel of land is held across three crown allotments and was sold by the Victorian state government. The site is almost the size of Docklands precinct and is expected to be home to 5,000 residents.
Satterley said the acquisition would help the company increase its share of the house and land market from just under 5% to 10%.
The group already has a presence in Victoria with developments at Coburg Hill, Plenty River, Riverstone and Tarneit.
Satterley expects the Point Cook development will start selling within the two years.
Satterley is not the only WA developer looking for more opportunities along the eastern seaboard.
Twin Ocean Property recently bought its first land in Queensland since the GFC – a 6.31 ha medium density in-fill site in Gladstone.
Twin Ocean Property managing director Tim Jones said unlike WA, the buying opportunities along the eastern seaboard are underpinned by continued population growth.
“And we believe the eastern states represent greater value,” Jones said.
Property Review
