Dahua Group buys second Wollert farm this week, spending another speculated $70m+
Three days after it was reported Dahua Group was outlaying a speculated $70 million-plus on the 56.4 hectare Kilarnie Farm in Wollert, the China based developer has revealed it is buying a 57.2 hectare neighbouring parcel.
It is believed the builder is spending at least another $70 million on the second holding – with Wollert land now valued at about $1.3 million per hectare, according to agency sources.
“Both land lots are situated north of the Wollert PSP [Precinct Structure Plan – refer image, top]”, Dahua Group managing director William Hung said. The sites are projected to be subdivided into about 1400 lots and accommodate a community of about 4000 people.
Dahua Group expects the Wollert investments to yield projects with an end gross realisable value of between $400 million and $500 million.
Since entering the Australian property market in 2014, Dahua Group has invested into developing 14 projects within 10 Melbourne locations, with the potential to deliver property with an end value of more than $2.5 billion.
“Our approach with new projects is to identify good quality sites that fit into our vision of developing enviable and sustainable communities,” Mr Huang said. “I believe that if we approach our projects this way, we are building a stronger portfolio – by thinking about how our projects will serve the residents and the wider community, we are ultimately creating residential communities that are liveable and will be enjoyed for generations to come”.
Elsewhere in Melbourne, these are some of Dahua Group’s other projects:
- Westwood in Plumpton is a $250 million project which will see a 62.69 hectare farm at 235-311 Beattys Road subdivided into 830-lots. The redevelopment is due for completion in 2023;
- Orchard Tarneit – 64ha land estate with 640 lots. To be launched over 15 stages from 2017-2019. Gross realisation value of $208 million;
- Neighbouring parcels in Point Cook, speculated to spread about 180 hectares. Dahua Group paid $360 million for the parcel (pictured, top left) in December, 2016, following a campaign by Biggin & Scott Land directors Andrew Egan and Frank Nagle. A series of housing estates, to be developed in stages, is expected to be marketed soon, sources speculate;
- King’s Leigh in Werribee, which like Plumpton, Tarneit and Point Cook, is also in Melbourne’s burgeoning west. Due for completion in early 2020, King’s Leigh will see a 49.3 hectare parcel a 220 Geelong Rado make way for 1700 housing lots;
- Noi – 91 apartments in Garden Street, South Yarra. The $60 million complex started construction in April. Residents will be moving in by the end of the year;
- Hawthorn Park – a multi-building apartment complex to be developed in Hawthorn East, on a parcel of neighbouring warehouses Dahua Group bought for a reported $50 million from a consortium including Trenerry Property Group director, Robert Dicintoio, the Victor Smorgon Group and the Kanat family, owners of Ted Baker Fashion and Flair Industries. Prior to be it being marketed by Melbourne Acquisitions Steve Messina and Dominic Gibson, one of the warehouses was owned by directors of haberdashery chain, Adairs. Dahua Group’s mixed-use village plan will contain a distinctive Marina Bay Sands-style sky pool. It is marketing the apartments in the complex, directing prospective clients to contact them at: info@dahuaaustralia.com.au;
- LocHaven, in Cranbourne, in outer south-east Melbourne, will see a 66.81 hectare farm at 665 Hall Road replaced with 560 housing lots. The project is due for completion in the third quarter of 2023.
