Sunland Sells Key Melbourne Development To Stockland For $66m

 Brisbane based leading property developers, Sunland Group have announced a $66.2 million sale of their Melbourne urban land development, Adresse to ASX listed Stockland Group.

The master planned development site is located in Point Cook, Melbourne and scopes an impressive 33.4 hectares and comprises 470 lots designed around a two-hectare central parkland.

The site was originally developed by Sunland in mid-2014.

The unconditional sale of Point Cook will settle in March with the first instalment payment of $10 million due, with the final balance to be paid as a second instalment in May 2015.

Sunland has also recently contracted a further three sites in New South Wales and Victoria, totalling $23.9 million. These include Meliah in North Kellyville, contracted for $15 million and Vayle in University Hill, contracted for $7.8 million. A small land parcel in Ballarat has also been contracted for $1.1 million. These are expected to settle through March and April 2015.

Sunland Group Managing Director, Sahba Abedian said the sales recognise the inherent value of Sunland’s portfolio and enable the proceeds to be redeployed to the Group’s national development pipeline.