The Jenkins family, of Melbourne farming fame, has sold a former apple orchard in Wantirna South for close to $100 million.
The 14.96 hectare property, 1201-1211 High Street Road, nearly 30 kilometres east of the city, abutting the Eastlink motorway, hit the market in June.
It comprises five subdivided adjoining land parcels including an ex-VicRoads site the family acquired earlier this year. The majority of the land was owner-occupied by Jenkins Orchards from 1922 until a few years ago.
In 2015, a successful application rezoned portions of the land to General Residential 1 and Commercial 1 (the latter which would allow for the construction of medium density housing).
Chinese developer Nan Xin Investment has placed a caveat on the site which was advertised for its potential to make way for a shopping centre and residential complexes of up to five storeys.
This investor made headlines in 2015 pocketing more than $70 million in 90 minutes in off-the-plan sales for the recently completed Galleria apartment building in O’Sullivans Road, Glen Waverley. Prospective buyers had to pay a $2500 fee to be able to attend the display suite to bid on the 267 flats.
Nan Xin Investment’s incoming holding is not far from a 56-hectare former Austral Bricks masonry which residential developer Mirvac bought for $102.5 million in 2008 and replaced as the Harcrest housing estate. In 2010 Mirvac famously succeeded in having the portion of the brickworks gazetted at the time as Scoresby, changed, to Wantirna South, a suburb where the median house price is substantially higher.
Jenkins Orchards is the second former farm to be sold to developers recently. Last month, the Marriott family offloaded a former holding in Skye, 38 kilometres south-east of Melbourne, for a reported price of about $45 million.
This 14.3 hectare parcel at 250 Wedge Road sold to a local consortium for its potential to be subdivided into 265 land plots.