Intaj Khan buys block for essential services project
Countryland Australia, led by former Wyndham councillor Intaj Khan, has acquired a block near Tarneit train station, with plans for an education and health project.
The 5.5 hectare Mixed Use zoned parcel, 645 Derrimut Road, is costing $14 million.
The proposed redevelopment, upon completion, could contain product worth $120m.
Occupiers have the option of buying a site or pre-committing to a property Countryland would build.
Mr Khan expects construction to start in 2025.
Tarneit is about 25 kilometres west of Melbourne.
Developers, syndicates looked in: agent
Goldbank Real Estate Group director Goldy Sharma, who marketed 645 Derrimut Rd for private sale with Vikram Raichura, said land bankers, syndicates and private developers showed an interest.
The result marks the first time a developer is paying in excess of $2.5m for a parcel this size (of greater than five ha), the agent added (story continues below).
The tract backs onto Macson Developments’ Creekstone Tarneit housing estate.
Elsewhere in the suburb, Dahua Australia, ID_Land, Growland and LLT are also building residential projects.
Last month, Stockland outlaid $82m for an 85ha site permit-ready for an 802-lot subdivision – not far from another community it is behind, Grand Central.
In May, a consortium including Al Taqwa College principal Omar Hallek banked $58m selling a 33.4ha parcel with the potential to accommodate c500 homes.
SIG (Sino Integrity Group) was that buyer.
In 2016, Mr Khan who established his wealth in private education, proposed a 16-bedroom mansion, dubbed by the public as Intaj Mahal, on a 10ha Derrimut Rd, Tarneit, block – a move later speculated was designed to encourage other grand residences in the suburb.
Subscribe to our newsletter at the bottom of this page.
