This article is from the Australian Property Journal archive
A BROAD acre development land in Melbourne’s western suburb of Wyndham Vale has fetched $6.5 million.
Agents Jones Lang LaSalle Matthieu Lucas and Dominic Gibson negotiated the sale of the 12.14 hectare property on behalf of private owners who occupied the land and residence for farming purposes for about 30 years. This block is one of several parcels of land that have been recently sold in the Urban Growth Zoned area known as Precinct Structure Plan 40.
“This is a significant parcel of land within a strong urban growth corridor known as the ‘Western Plains’. This parcel is particularly poised for residential development and we are still seeing strong demand for broad acre properties given the Urban Growth Boundary is yet to move and statistics still indicate we are under supply for land,” Lucas said.
“The site is located on the corner of Ballan Road and Wollahra Rise offering notable exposure and frontage. We believe this Wyndham Vale parcel of land received a record sale price in the area due to its proximity to Manor Lakes Shopping Centre,” Gibson added.
He also noted the overseas buyer has several other land holdings inside the Urban Growth Boundary and many Asian groups were following local trend to secure land suitable for housing.
Australian Property Journal
