Dennis Family Pays Reported $30 Million for Clyde North Development Site, Melbourne

Since major changes to the Urban Growth Boundary last year, farms sales to developers have quietly and rampantly transacted north and west of town, too.

The trend is convenient for new planning minister Matthew Guy, who is trying to curb high density redevelopment in the suburbs by opening up tracts of land in outer areas (restricted from redevelopment by the former Labor government).

But new minister for roads and public transport, Terry Mulder, will have to hit the floor running – with housing estates opening before infrastructure, recently, resulting in outer suburban road congestion.

In the most recent sale, local builder Dennis Family Homes has purchased a 48 hectare site in Clyde North.

Executive chairman Grant Dennis told Capital Gain it is planning beyond the completion of its The Hunt Club project in nearby Cranbourne East, which has been developed in stages since 1996.

The Clyde North land parcel will yield about 600 lots, and be developed in stages from about 2015 – 2021.

The parcel, which was being marketed by Colliers International, was recently included within the Urban Growth Boundary.

Industry sources say based on current land values, and terms of settlement, Dennis Family paid about $30 million for the entire site, though this could not be confirmed with the developer.

The City of Casey council still needs to approve a Precinct Structure Plan for the area adjacent to, and surrounding the Dennis family’s Clyde North site.

That process is expected to identify where retail, commercial and other major facilities will be located.

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Marc Pallisco

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

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