Lucky family banks over $20m for Melbourne farm
Avid Property Group – which last August bought AV Jennings – has quietly snared a farm beside a housing estate it recently completed in Melbourne’s outer south east.
The 8.09 hectare parcel, 40 Derricks Road, Clyde, set it back just over $20 million.
Zoned Urban Growth, it falls under the proposed Clyde South Precinct Structure Plan, affecting 1057ha and expected to accommodate c13,200 dwellings.
This block could make way for a 160 lot-plus subdivision.
“We’re seeing sustained demand from well capitalise developers targeting large-format sites within PSP-aligned corridors particularly those that offer clarity around future planning and the ability to deliver staged communities over the medium term.” Cushman & Wakefield’s Joe Kairouz, who brokered the off-market deal with RPM’s Zaynoun Melhem, said.
“This transaction highlights the continued appeal of Casey’s south east corridor where population growth, infrastructure investment and relative affordability continue to underpin developer interest,” he added.
“The site’s extensive frontage and fully developable nature, subject to PSP approval, further enhance its long-term development pipeline,” according to the executive.
Another Clyde deal
In a show of how fast values are moving in the area, the Derricks Rd deal comes four years since the Arnotts family also sold an 8.09ha Clyde farm, 250 Moores Rd, to Nick Corcoris, for $18m (continues below).
Earlier, Villawood bought an 8.9ha parcel in the suburb, abutting one of its estates, for $11m on a long settlement.
Blueways, Brown Property Group, Evolve, Growland, Mirvac, New Horizon Property, Pask Group, Mirvac and Stockland also control sites in the suburb, about 48 kilometres from town.
Cameron Holt – yesterday replaced as Avid’s chief executive officer by Anthony Demiris after 15 years – said Melbourne is supply constrained.
The parcel abuts the group’s Lilium estate. It is also behind Somerford, on Thompsons Road in Clyde North.
Elsewhere in the city, the developer is behind projects across town at Deanside, Diggers Rest, Lyndarum North, Wollert and Williamstown.
Outside of Victoria its book includes estates at Hervey Bay and the Sunshine Coast in Queensland, and New South Wales’ Hunter.
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