MAB Corporation is paying $37.5 million for a low density housing estate site in Melbourne’s south east Devon Meadows.
The developer is intending a master-planned, c500-lot community for the 32 hectare parcel, an amalgamation of five neighbouring properties between South Gippsland Highway and Craig Road.
The land is earmarked to be rezoned from rural.
MAB is scheduled to settle in 2026.
Colliers International’s Mark Burgio, Trent Hobart, Michael Gardiner and Robert Papaleo represented the vendor which paid $55m in 2018 as part of a 42.3ha amalgamation comprising 10 properties, offloaded by nine vendors.
Urban sprawl arrives at Devon Meadows
About 50 kilometres from the city, Devon Meadows is presently, predominantly, farmland (story continues below).
It is about eight kilometres south east of Cranbourne, deemed by both major state governments for decades in planning, as a major activity centre.
The suburb is also near several housing estates taking shape in Clyde and Clyde North.
“The Devon Meadows acquisition speaks to MAB’s development DNA and represents a strategic opportunity to expand our greenfield residential land pipeline in Melbourne’s south east growth corridor,” MAB general manager, Communities, Mr Planner, said.
“It also further demonstrates MAB’s investment confidence in the City of Casey”.
The Devon Meadows land is considered within a Precinct Structure Plan, which is yet to come into effect.
The developer is presently constructing a low-rise housing estate on a 900ha Mickleham site, 29 kms north of Melbourne.