This article is from the Australian Property Journal archive
DEVELOPMENT sites in Victoria have become hot ticket items as listed Gold Coast based developer Sunland yesterday snapped up an infill site in Chirnside Park for $16.2 million.
The latest deal comes hot on the heels of Investa Land and Divine Limited, which last week spent $75 million on two sites. Investa Land bought a 142.50ha parcel of land at Diggers Rest in Melbourne’s north-west and Devine bought a 52.9ha site at Pakenham in the south east.
Sunland bought the 6.22ha site which sits on the corner of Black Springs Road and Kimberley Drive, directly adjacent to the Chirnside Park shopping centre.
The site is one of the last remaining infill properties in Chirnside Park, which is located 33km from the Melbourne CBD.
Sunland managing director Sahba Abedian said the development will yield 190 residential houses with an end value of $83 million.
He added that the purchase was part of the company’s continued focus on portfolio replenishment within key growth markets such as Victoria and Queensland.
“The Chirnside Park purchase supplements our residential housing portfolio in Victoria following previous acquisitions of land for $18 million adjoining Chancellor Estate which will comprise 230 houses and the recent land subdivision within University Hill Bundoora,” he continued.
The latest acquisition will increase Sunland’s residential portfolio to 3,837 lots with an end value of $2.29 billion.
Settlement is expected for January 2011 and the development will contribute to the group’s revenue from FY2013.
Australian Property Journal
