Central Equity has added a massive greenfield site in one of Victoria’s growth corridors to its portfolio, splashing out more than $60 million.
The 45.3ha Parkbrook Estate site at 955 Ballan Road in Manor Lakes near Wyndham City sold for $62.7 million.
It had been held by a local farming family since it last exchanged hands for $310,000 in 1994.
The site has been approved for more than 489 residential lots and two medium-density super lots. It is part of Wyndham City’s Quandong Precinct Structure Plan.
The plan was established in 2018 to help free up more land for residential housing with three major landowners involved in the precinct including the local Chirnside family.
Two other large masterplanned communities neighbour the site—Lotus Living’s Jubilee to the north and the Dennis Family’s Manor Lakes to the west.
The Jubilee Aquatic Centre is opposite the site and the Wyndham Train Station a few minutes drive away.
Core’s land team ran the international expressions-of-interest campaign with 18 formal offers received from Australian and international developers. The final transaction was negotiated by Trent Malcomson, Chris Jabs and Kane Malcomson.
Trent Malcomson said the process had been highly competitive.
“Over $1 billion in capital allocation was received in the first round, underpinning the strength and depth of market and demonstrating the strong level of active capital in the market at present, particularly in Melbourne’s western greenfield residential development site markets,” Malcomson said.
Stockland has also recently bought 26ha at Curlewis in the western growth corridor for an undisclosed sum.
Stockland also has plans for a $201-million community in Tarneit.
While interest in the greenfield market in Melbourne’s western growth corridor near Geelong remains high, constrained supply is lowering sales volume records.
