Avid joins Pakenham housing rush

The property was marketed with plans for a c386-lot subdivision.

Avid Property Group is speculated to be paying more than $60 million for a major Pakenham residential development site.

The 30.73 hectare parcel, 1 Abrehart Road, at the north east corner of Princes Highway, was marketed with a scheme but not a permit for a c386-lot subdivision.

Part of the property abuts Peet’s Cardinia Lakes.

Its northern boundary neighbours Cardinia Views, an estate developed by Villa World, a company Avid acquired for $410m in late 2019.

B&S Land’s Andrew Egan and Frank Nagle marketed 1 Abrehart Rd.

Their deal follows speculation Corplex director Dominic Cullia is outlaying c$55m for a 9.5ha Cranbourne West property, 990-1020 Thompsons Rd, with plans for a commercial project (story continues below).

ISPT has also acquired an industrial development site in the area – 425 Officer South Rd, Officer South – following a c$100m outlay.

A year ago, Burbank Group’s National Pacific Properties spent $48.5m for a 28.33ha Pakenham East farm recently rezoned for residential; a c500 lot subdivision is expected there.

Also in that suburb, Lendlease is constructing the Averley village across 113ha.

Other major developers in the growth corridor, 60 kilometres south east of town, include Brown Property Group, ID_Land, Mirvac, Parklea, Satterley and Stockland.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.