Developer Wilbow Buys Second Residential Development Site in Doreen

The developer has acquired just over 40 hectares of land from the RSPCA in an off market transaction first discussed last year. Sources say the deal could have set the group back some $14.5 million – a steal compared to the $23.7 million Mirvac paid for an adjacent 42 hectare parcel in Bridge Road Inn late last year.

At those approximate prices, land equates to a rate of $30 per square metre versus $56.60 per square metre.

With Wilbow’s current Doreen project, Vaucluse, close to completion, Victorian residential development manager Tony Johnson says the site has come at a perfect time to make a smooth transition into the new project. Wilbow’s plans for the site includes a primary school, secondary school and large residential subdivisions. The biggest land available in the Vaucluse development was 1200 square metres.

Wedged between South Morang to the west and Hurstbridge to the right, the site is located on Cookes Road, off Yan Yean Road near the Doctors Gully Road roundabout. It will be the fourth major site being developed in the suburb, and one of eight in the growing Plenty Valley corridor which also includes Mernda and Yarrambat.

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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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