Jeff Xu’s Golden Age Group is selling the development site acquired two years ago for its first low-rise residential project.
The 21-hectare parcel comprising 520-556 and 558-578 Greigs Road (pictured, right) has been listed alongside a neighbouring 22ha tract (outlined from the same angle in image below, right) – creating a holding at the north east corner of Paynes Rd which sources estimate could sell for more than $80 million.
Last week we reported a 12.1ha farm at this intersection’s north west, zoned Thornhill Park, was trading to a residential developer for $11m.
That property, 690-716 Greigs Rd, has the potential to make way long-term for about 200 dwellings.
Goldfields, Mirvac and Wel.Co are amongst the major builders marketing residential communities in the two suburbs.
Rockbank offering could make way for 730-plus lots
Golden Age’s 520-578 Greigs Rd comes permit-ready for a 381-lot estate – which it has been marketing in recent years as Willow Springs.
The neighbouring holding, 463-467 Paynes Rd and 586 Greigs Rd, could make way for more than 350 (story continues below).
Core Projects’ Trent Malcomson and Chris Jabs are marketing the sites individually.
Rockbank is a major residential growth corridor about 29 kilometres west of Melbourne.
Golden Age Group’s recent deals and developments
The Rockbank acquisition represented a strategy shift for Golden Age, which in Melbourne had only developed medium and high density residential.
The builder recently won permission to construct a 27-level office at 130 Little Collins St – a property acquired for $40.5m last June.
Eight months ago, with Tim Price’s Time & Place, it sold an East Melbourne office on a funds-through basis to ARA Asset Management for $328m.
Early last year Golden Age exited a luxury apartment proposal at 85 Spring St, also in the city – offloading the real estate for $112m.