The developer is expecting to make about $30 million from the sale of land in Clyde North, about 45 kilometres from town.
Until recently a cattle station, the property is now known as the Cascades on Clyde housing estate.
GEO has already marketed and sold allotments within the estate. It is selling the remainder, as part of a debt reduction program.
“It is the best subdivision we own in our entire portfolio of 24,” said GEO managing director and chief executive officer Guy Farrands.
“At the moment however, we feel it’s only the best property that will give us the best sales result, in a challenging market”.
Biggin Scott Land director Frank Nagle is marketing the Clyde North site.
The MFS Diversified Trust, as it was known until March last year, is reported to have paid about $53 million for the 120 hectare cattle station site, that now forms the Cascades on Clyde project.
Across town, GEO will open a new Discovery Centre at its Eynesbury development in Melbourne’s west on April 5, to market blocks and homes in the next stage of that development. Its other major residential developments are in Woollert and Doreen in Melbourne’s north and north-east.