Monteleone family sell another piece of Donnybrook
The Monteleone family – founder of Donnybrook Farmhouse Cheesery – is realising an impressive capital gain shedding a block bought in early 2021.
The 1.1 hectare Precinct Structure Plan-approved Urban Growth zoned plot, 905 Donnybrook Road, Donnybrook, is actually trading to a commercial builder, for $7 million.
The seller paid $2.3m after it languished 252 days on the market, much when Australians were locked down for COVID.
Cushman & Wakefield’s Cameron Zamora was the agent.
“With Melbourne’s northern growth corridor continuing to expand, sales such as this demonstrate the immense value of land banking and long-term vision,” he said.
“This is a standout opportunity in a rapidly expanding area,” he added.
“With major infrastructure projects underway and sustained demand for residential living, it’s the ideal location for those looking to secure long-term value,” according to the executive.
The deal comes four years since we reported Bernardo and Caterina Monteleone banked $110m from Nippon Telegraph and Telephone Corporation for the neighbouring 73.6ha parcel, 915 Donnybrook Road, now making way for a housing estate.
The family held that property over 20 years after paying less than $250,000.
Two years ago meanwhile, Oreana acquired a 125ha piece of a housing estate being developed by Dennis Family Corporation.
Coincidentally that property was once owned by Tom Montalto, like the Monteleones, founder of a cheese company (Floridia).
More to come.
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