MAB Corp Frontrunner to Buy Doncaster’s Eastern Golf Course For $120 Million
A MAB spokeswoman declined to comment on the speculation when contacted by Capital Gain, as did Colliers International’s selling agents, citing a confidentiality agreement.
Any purchase would come three months after MAB appointed prominent former Mirvac and Walker Corporation executive, Kevin Hunt, to boost its residential division. One of Mr Hunt’s last major residential redevelopments was the 27-hectare Kew Cottages project, of which about 27 per cent was reportedly retained as public space.
It’s been speculated to Capital Gain that just 25 hectares of the Eastern Golf Course site is actually able to be developed.
In 2003, MAB paid $21 million for the 104-hectare Janefield Hospital site in Bundoora, most of which has been redeveloped into the $1 billion mixed use University Hill project. The NewQuay precinct of Docklands is amongst MAB’s other highest profile projects.
The Eastern Golf Course is the most valuable “infill” residential development site to hit the Melbourne market this year.
In September, another privately owned developer, Walker Corporation, entered negotiations to buy Amcor’s outgoing 17-hectare Alphington paper mill site for a reported price of just over $100 million.
