Bank lists proposed Porter Davis housing estate
The Commonwealth Bank of Australia, as receiver for some of Porter Davis’ properties, has listed a low density residential development site at Craigieburn.
On 8.093 hectares at 1360 and 1370 Mickleham Road, the bank can expect at least $16 million, sources say – almost triple what the failed developer paid in early 2015.
The holding would arguably be most valuable to Peet, which controls the 14.6ha parcel to the north, 1390 Mickleham Rd, for which it spent $10.5m in 2018 and an 11.8ha block to the south (1340 Mickleham Rd), that cost $8.4m, eight years ago.
To its east is Peet’s Aston estate, which recently sold out; covering 147ha it contains 1700 lots and amenity.
CBRE’s David Minty, Nathan Mufale and JJ Heng are marketing 1360 and 1370 Mickleham Rd.
KPMG’s David Hardy, John Lindholm and Will Colwell are acting for the bank.
Craigieburn is 25 kilometres north of Melbourne’s CBD.
Earlier this month we reported Frasers Property Industrial snapped up an 40.85ha industrial development site in the suburb for $87m, a significant rise on the $33.1m the vendors, Cadence Property Group and Linkage Property, paid in deals negotiated since 2021 and settled from last July.
Several major retail assets have sold too including Craigieburn Central, which fetched $300m from IP Generation in April, and the Craigieburn Junction homemaker centre which collected $135m from QIC nearly two years ago (story continues below).
Booming land values
Porter David Projects paid $6m for 1360 and 1370 Mickleham Rd – pricing land, affected by the Craigieburn West Precinct Structure Plan, at c$74 per sqm.
Since then, the suburb’s values have ballooned to over $200 per sqm.
Two years ago, New Zealand based aged care provider Summerset outlaid $32.45m – or a bullish $402 per sqm – for 1480 Mickleham Rd, at the prominent south east corner of Craigieburn Rd.
Potter George meanwhile spent $76m, or $297 per sqm, for 1300-1320 Mickleham Rd, with plans for a low density housing estate.
It will compete with HB Land, which two years ago bought the neighbouring ex-Aitken Hill conference centre, on 68.4ha, for $142m, or $208 per sqm.
Stocklands’ Highlands is also taking shape in the pocket. Grant Thornton is Porter Davis’ liquidator.
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