Henley Properties is paying a speculated $8 million for a low density housing block in Melbourne’s Officer.
The 4.1 hectare tract, 110 Bayview Road, was offered by Gold Coast’s Potter Group, directed by John Potter who founded Citie Centre Limited which later merged with Villa World.
It is permit-ready for a 51-lot subdivision; parcels ranging between 374-568 square metres, which is relatively large for local new estates, of which there are many.
Civil works have been tendered and are ready to commence.
A sales office is also onsite and the project has even been branded (Northridge) and pre-marketed – the average block price, $365,000.
Biggin & Scott Land’s Frank Nagle and Andrew Egan represented Potter Group.
The property traded a week after the close of an expressions of campaign.
Officer is nearly 50 kilometres south east of Melbourne and about 10 kms from Narre Warren, a major suburban activity centre (story continues below).
In 2009, Japan’s Sumitomo Forestry acquired its first half stake in Henley, at the time Australia’s fourth biggest home builder (it is now 10th according to the most recent HIA Top Homebuilders Survey, released last September).
Potter Group reweights portfolio
The sale of 110 Bayview Rd comes 10 months after Potter Group outlaid $3.8m on Billabong’s former headquarters, a 4117 sqm site at 219 Burleigh Connection Rd, Burleigh Heads, with the intention of replacing it with a mixed-use complex comprising offices, retail and a medical centre.
Also on the Gold Coast, last August, the developer won approval to construct Central on Broadbeach on a parcel of 13 amalgamated properties opposite Gold Coast Convention Centre, on the Gold Coast Highway, which Mr Potter acquired between 2001-2007.
That $700m project will contain twin 68 storey towers with apartments and a hotel over a three level podium with shops and four-floor basement car park.
Potter Group has also developed several Queensland industrial assets.
In Melbourne, about four years ago, it completed a five storey residential complex at 8 Hepburn Rd, Doncaster.