Developers swoop on Clyde farms
Two low density residential development sites at Clyde have sold to builders familiar with the area.
In the biggest deal, Nick Corcoris is paying a speculated $18 million for an 8.09 hectare block at 250 Moores Road.
Offered by an entity which paid $580,000 in mid-2007 – just before the financial crisis and well prior to the farm being zoned Urban Growth – it can make way for between 140-160 lots.
The parcel neighbours two farms, all up covering 59.16ha, which ID_Land agreed to buy for c$140m, in February.
That site, 200-230 Moores Rd, which was offered by the Arnotts family, and 185 Manks Rd, which was sold by Glenn Blundy, the brother of major investor Brett, could be subdivided into about 1200 residential housing lots.
The Corcoris Group block also neighbours a 35ha parcel, 20 Yallambee Rd, Clyde, owned by Evolve which, with another 255ha it controls in the area, is earmarked for a 2500-lot housing estate, Waterford.
Elsewhere in the south east growth corridor, Mr Corcoris, a former tax agent, in 2017 outlaid $20.25m for a 12.24ha low density housing estate site in Rix Road, Officer.
Across town, the builder is also behind the Epping Views community.
In 2011, Corcoris Group backed out of a plan to buy the 27ha Pakenham Racecourse for $38m, paving the way for ISPT to snare it the year later for c$30m.
LAWD’s Paul Callan, Peter Sagar, Darcy Tobin and Conaill Auty sold 250 Moores Rd (story continues below).
130 Moores Road
Meanwhile at 130 Moores Rd – a kilometre from the Corcoris block – Villawood Properties has quietly snapped up an 8.9ha parcel, neighbouring others it owns.
That developer’s outlay is $11m in a deal which settled in February, but which is understood was agreed earlier.
It now controls over 50ha in the immediate area also including 70 Moores Rd.
AV Jennings, Blueways, Brown Property Group, Growland, Mirvac, New Horizon Property, Pask Group, Mirvac and Stockland are other developers in the Casey municipality.
Last week, one of the last unaccounted for rural sites in the pocket, an equine centre at 150 Moores Rd, between the recently purchased Corcoris and Villawood blocks, hit the market for sale via Core Projects’ Kane Malcomson and Trent Malcomson.
Spreading 16.10ha, that parcel can yield more than 150 lots.
Subscribe to our newsletter at the bottom of this page.
