Greencor Pays $26 Million For Wollert Farm, Melbourne

DESPITE a slowdown in new house sales, developers are continuing to build up a landbank on Melbourne’s outskirts, and some farmers have never been happier.

This month, growing local developer Greencor paid $26 million for a 57-hectare farm on Bodycoats Road in Wollert, 27 kilometres north of town, between Craigieburn and Doreen.

Marketed as ”the last big one”, and with the potential to be subdivided into about 900 lots, the property adjoins other farms recently acquired by major developers including Sydney-based, ASX listed giant Stockland, the state government’s development arm, Places Victoria, and Evolve Development, part directed by Melbourne millionaire and former Fairfax Media chairman Ron Walker.

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Golden Group Pays $36 Million For 64 Hectare Tarneit Development Site, Melbourne

FOR Melbourne’s newest millionaire farmer, the west has proven lucky in more ways than one, with Perth-based development giant Golden Group revealed as the buyer to pay $36 million for the Tarneit farm once known as Shanahans House, and later, Wyndham Park.

The 64 hectare estate, some 28 kilometres of town at 1070 Sayers Road, was one of the first major farms publicly listed for sale after the former state government significantly expanded Melbourne’s Urban Growth Boundary by some 46,000 hectares last June.

That expansion, which built on a 23,000 hectare expansion a year earlier, allowed for new homes to be developed on what was previously Green Wedge land, parkland and rural zoned properties.

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Local Resident Outmuscles Developers For Prominent Kew Site, Melbourne

THE street may share the same name as redundant, pro-development Planning Minister Justin Madden.

But around ritzy Madden Grove, Kew, residents value the character of their streets – and are prepared to pay to avoid being overrun by medium density development.

In an extraordinary deal, a local resident has paid a speculated $9 million for the former University of Melbourne Early Childhood Development campus, which the school sold 12 years ago, and was to become that suburb’s next major apartment complex.

The imposing property at 6 – 12 Madden Grove has been handpassed to a variety of developers since 1999. What was a 4973 square metre campus that started at #2, was sliced to become a 3502 square metre site, which was offered for sale late last year.

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Major Riverfront Footscray Site Hits The Market

IT’S bad enough if the site next-door to the one you just bought gets listed for sale, targeting developers.

It’s worse when you just spent $21 million of taxpayer money, and if the redevelopment next door robs the million dollar views you planned to exploit in your own marketing.

Sadly this is what’s happening on the Footscray waterfront right now.

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Dennis Family Pays Reported $30 Million for Clyde North Development Site, Melbourne

ADVANCE to Clyde-Five Ways Road, about 45 kilometres from town, if you want to know where Melbourne’s south-east suburbs have sprawled to – and will soon overrun.

A swag of farms and major homestead estates listed for sale along the soon-to-be-major road last year, sold over the festive break.

The “farm sale” trend is not novel to the south-east, where large parcels are also selling around Langwarrin, Pearcedale and Skye.

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New David Devine Enterprise, Metro, Makes Major Melbourne Development Site Purchase

QUEENSLAND-based property developer David Devine is wasting no time getting back into the Melbourne development scene.

Four months since retiring from the listed development giant he established in 1983 – now known as Devine Limited – Mr Devine’s newest incarnation, Metro Property Development, has paid $10.2 million for an eight hectare site in Doreen.

The land, at 60 Orchard Road, on the corner of Garden Road, will be subdivided into about 150 lots and carry an average block price of about $200,000. Assuming homes worth $250,000 are developed on each block, Metro’s Doreen project could have an end value of close to $70 million.

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Swenrick Constructions to Sell Springvale Headquarters, Apartments Expected

HOME builder Swenrick Constructions is offloading its south-east Melbourne headquarters ahead of a relocation.

The 6738 square metre Springvale supersite, with street addresses of 782 – 794 Princes Highway and 2 – 4 Hillside Street (image, right), is used by Swenrick as offices and display suites. It’s spread over nine adjoining titles.

It’s expected to sell for between $4 and $4.5 million, and be redeveloped into a medium density townhouse or apartment project with an end value of about $50 million.

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VicRoads to Sell Major Craigieburn Residential Development Site

VICROADS – whose days headquartered from dank offices in one of Melbourne’s ritziest suburbs are reportedly numbered – is expecting some $15 million from the sale of a 31.3 hectare residential development site on what is now Melbourne’s northern outskirts, but will soon be considered a middle-ring suburb.

The Craigieburn site with a street address of 650 Hume Highway, is spread over two sides of the recently opened Hume Freeway*, which connects commuters to the Western Ring Road and the CBD in one direction, or the Metropolitan Ring Road, and a Greensborough traffic jam at the other.

The Melbourne-Sydney railway line dissects the southern edge of both VicRoads sites, some 25 kilometres from town.

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AMF Northcote Bowl Centre Sells For $6.7 Million to Another Residential Developer

ONE of the northern suburb’s most controversial residential development sites has sold for $6.7 million.

The vacant AMF Northcote Bowl complex at 166 – 174 Victoria Street, on the north-east corner of Separation Street, was listed for sale by Hong Kong based conglomerate Far East Consortium last October.

It paid Macquarie $5 million for the 4716 square metre site in early 2009, and shortly after, convinced VCAT to approve a permit which would see the distinctive centre demolished and replaced with 73 flats and 18 townhouses.

One of the proposal’s criticisms was that the busy intersection, with thin roads, would be even more overrun with cars. Others argue the site’s previous use as a bowling centre would have contributed somewhat to the traffic in the area.

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