Jenkins family banks $100m from apple orchard
The Jenkins farming family has sold a Wantirna South apple orchard to developers for close to $100 million.
The 14.96 hectare property, 1201-1211 High Street Road, 30 kilometres east of Melbourne, abutting Eastlink, hit the market in June.
It comprises five adjoining land parcels including an ex-VicRoads site the vendor acquired earlier this year.
The majority of the property was occupied by Jenkins Orchards from 1922 until recently.
In 2015, portions were rezoned to General Residential 1 and Commercial 1 (the latter which allows for medium density housing up to five floors and a shopping centre).
Chinese developer Nan Xin Investment is the buyer; this investor made headlines three years pocketing more than $70m in 90 minutes from off-the-plan sales at a Glen Waverley apartment complex (story continues below).
A total of more than 300 dwellings is earmarked to replace 1201-1211 High Street Rd, which was marketed by Savills’ Clinton Baxter, Nick Peden, Jesse Radisich and Benson Zhou.
The parcel is near a 56ha ex-Austral Bricks masonry which Mirvac bought for $102.5m in 2008 and replaced as the Harcrest housing estate.
Last month, the Marriott family offloaded a former holding in Skye, 38km south-east of Melbourne, for a reported $45m.
That 14.3ha parcel, 250 Wedge Rd, was purchased by a local consortium planning a c265 lot subdivision.
