Melbourne housing sites trade for c$118m
Two low-density residential development sites each side of the city have sold off-market for a total of c$118 million.
In the biggest deal, former Bendigo Bank and Coliban Water director Don Erskine with a business partner, are buying the Bon View apple orchard, in Officer North (pictured, top), for $60m.
The 31.4 hectare site covering 373 and 405 Browns Road could make way for about 400 lots, according to the selling agent, RPM’s Zaynoun Melhem.
The deal comes a month since Satterley outlaid $11.26m for a 3.56ha parcel in neighbouring Officer – which can accommodate about 110 dwellings.
Last year, Queensland’s Potter Group spent c$8m on a four ha block, also in that suburb.
The precinct is about 50 kilometres south east of town.
Al-Taqwa College principal sells in Tarneit
Meanwhile in west Tarneit, Al-Taqwa College principal Omar Hallak, with colleagues Zemri Jeka and Heba Hallak, have sold a 33.4ha site capable of being subdivided into more than 500 lots (story continues below).
The purchaser, SIG (Sino Integrity Group), headed by Hugh Lu, is paying $58m.
It is the second major land play for the company this year – following the c$100m deal for a 434ha plot in in Beveridge, 42 kms north of Melbourne, acquired with the Scerri family and JMS Hospitality.
Mr Melhem marketed the Tarneit property, in Derrimut Rd, with colleagues David Schnall and Christian Ranieri.
Twelve hectares is allocated for the vendor to create a second campus.
Earlier this month a 2.6ha block in the suburb, near a Dahua estate, sold for $4.5m (coincidentally Mr Lu was that builder’s development director between 2016-2019).
In March Stockland outlaid $50m for the 38ha balance of the area’s Grand Central community; that vendor was New Sky Group.
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