This article is from the Australian Property Journal archive
IN one of the most significant metropolitan offerings in recent years, a 149,608 sqm landholding in Wantirna South, which has been with the same family for almost a century, is up for grabs and expected to fetch in excess of $90 million.
The former apple orchard at 1201-1211 High Street Road was purchased in 1922 by Arthur Scourfield Jenkins and has been in his family ever since. It was recently rezoned for residential and commercial use, with potential for medium to high density housing up to five levels in height, as well as a neighbourhood shopping centre.
Savills’ Nick Peden, Clinton Baxter, Jesse Radisich and Benson Zhou have been appointed to sell the land via expressions of interest.
The agents want to replicate their recent success, selling a 75.67ha englobo land at 39 Willowbank Rd Gisborne for $61.1 million.
The agents said they expected highly competitive interest from local and offshore developers.
“This is the most significant Melbourne metropolitan landholding to be offered to the market in recent years,” Peden said. “We anticipate extremely strong interest from all the major local developers, such as Mirvac, Lend Lease and Stockland, together with a multitude of highly capable Asia-based groups that have been actively searching Melbourne for such an opportunity.
“Given the unique nature of the land and the opportunity, we expect interest to top $90 million,” Peden said.
Baxter said whilst other nearby farming families have long since sold their landholdings for residential subdivision with the continuous encroachment of suburbia, the Jenkins family continued to operate a thriving orchard business.
“The land is likely to accommodate comprehensive residential development, plus a range of retail and lifestyle facilities, and with Wantirna South experiencing one of the highest residential growth rates in Melbourne, the sale could not come at a better time for developers,” he added.
Radisich said that other than housing, opportunities for the development of the site could include a supermarket and associated specialty retail, childcare, aged care and/or medical facilities.
“With the land being just two kilometres from both the heart of Glen Waverley and Australia’s third-largest shopping centre, Westfield Knox, it is exceptionally well positioned to meet the needs of Wantirna South’s rapidly growing population,” he said.
The listing comes on the back of the success of recent residential projects nearby, including Wantirna Rise, where all 113 residential lots sold in one day, and Mirvac’s $450 million, 906-lot Harcrest development of the former Brickworks site.
“The area is set to go from strength to strength in response to the city’s forecast population growth, with developers scrambling to keep up with unprecedented levels of housing demand.
“This land presents these developers with a highly sought-after opportunity to capitalise on the projected growth.” Peden concluded.
Development sites across Melbourne are selling like hot cakes.
Last month Chinese developer Dahua bought the 191ha Riverhills Estate in Wollert, on top of the $360 million it spent on three sites in Point Cook.
Last month also saw Melbourne-based developer Zeng Xiong Lin buy the 600ha Deloraine farm at 500 Old Hume Highway in Beveridge, for around $200 million.
And Sydney-based Goldate Group, headed by Kim Ni, paid farmers $200 million for the 92ha 2125 Thompsons Rd in Clyde North, which could offer 1,300-lot subdivision.
Meanwhile Chinese property giant Country Garden last week unveiled plans for a 4,500-lot community on the 363-hectare Wyndham site on Melbourne’s south-western fringe, which it paid a record $400 million for last year.
Last week
