Goldfields Group spends c$20 million on Fraser Rise site

Goldfields Group has acquired a low-density residential development site in Fraser Rise, a newly gazetted suburb replacing part of Plumpton, in Melbourne’s west.

The 12 hectare block at 39-57 Saric Court is understood to have cost about $20 million.

The holding was marketed for its potential to be subdivided into about 177 housing lots, however Goldfields is redesigning the master-plan, introducing a variety of sizing “in order to meet current trends”.

Goldfields chief operating officer Lachlan Thompson told realestatesource.com.au it is planning to launch the residential estate to replace 39-57 Saric Court, in coming weeks.

At the eastern edge of Plumpton, the site is near more established new housing estates in Caroline Springs, Hillside and Taylors Hill West.

Almost three quarters of the flat site could be developed for housing, Colliers International marketing agents Trent Hobart and Mark Burgio said.

The median value of a small block in the Plumpton area is $350,000, the brokers added.

The land is zoned Urban Growth and forms part of the Plumpton Precinct Structure Plan. It is within the City of Melton – one of Australia’s fastest growing municipalities.

Fraser Rise was one of 11 suburbs in the Melton area to be formally gazetted between 2017 and 2018.

About 25 kilometres from the CBD, the site is close to more established new suburbs Hillside, Taylors Hill and Caroline Springs. The Springside West Secondary College is in the vicinity.

Major builders in the area include Dahua, Growland and Villawood.

Goldfields Group is proposing this 24-storey office at 627 Chapel Street, South Yarra, next door to Larry Kestelman’s Capitol Grand.

Last September, we reported that Goldfields completed construction of a high-profile apartment complex it co-developed in Cheltenham with the Schachter Group.

In late 2017, Goldfields paid a speculated price of more than $50 million for a 5600 square metre office at 627 Chapel Street, South Yarra, near the north-west corner of Toorak Road.

The vendor, Fridcorp, had proposed to replace this site with a 37-storey apartment complex.

Instead, Goldfields has employed COX Architecture to come up with a 24-level commercial proposal, known in planning circles as Goldfields House.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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