Metro snaps up two more Melbourne housing sites

Metro has paid c$11m for an Ascot Vale site with plans for 38 townhouses.

Metro Property Developments has snapped up two more Melbourne housing sites – at Ascot Vale and Point Cook.

The deals come after the builder spent $23.65 million on a 1.25 hectare former bus depot at 198 Beavers Road, Northcote, with plans for 74 dwellings.

The Point Cook farm has the potential to make way for c260 lots.

The developer also recently unveiled a Preston project containing 70 homes; it is understood this community is for a block until 2019 controlled by Steller.

Metro was co-established in Brisbane 11 years ago by a group including Luke Hartman and Devine’s David Devine but is now run by the former.

Metro Homes and Creation Homes are amongst its subsidiaries.

Elsewhere in Melbourne the company has delivered low and medium density projects at Balwyn, Berwick, Caroline Springs, Doreen, Ivanhoe, Maidstone, South Yarra, Wallan and West Footscray.

In 2013 Mr Hartman led a deal to acquire six properties from the Uniting Church – many which were re-offered for a premium when the market improved.

Point Cook

In Point Cook, Metro is paying $48m for a 15.12ha farm, Lot B, 315 Boardwalk Avenue.

The vendor, Akron Property Group, spent $42m in 2017 – later pushing through a proposal for a c260 lot subdivision (story continues below).

Metro is paying $48m for the 15.1ha parcel.

The rectangle shaped plot is surrounded by Central Equity’s Featherbrook estate.

A small part of it overlooks a park with ponds.

Biggin & Scott Land’s Frank Nagle and Andrew Egan marketed alternative development schemes which could have seen the parcel subdivided from 206 lots.

The precinct’s priciest blocks, they said, are in Point Cook’s Catalina Estate and at Williams Landing – the latter an activity centre with a near-new train station.

Ascot Vale

Meanwhile in Ascot Vale, Metro has paid $11m for a 5712 square metre plot at 9 Newsom Street.

The land near the Maribyrnong River was offered late last year by Leisure Management Group with a permit for 38 townhouses.

Metro is proceeding with that project, recently appointing agents.

The suburb is about six kilometres north west of the CBD.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco