New Zealand retirement village operator Summerset buys Melbourne site for first Australian facility

New Zealand based retirement village developer and operator Summerset Group Holdings has acquired its first Australian site.

The eight hectare parcel at 1435 Thompsons Road, Cranbourne North, is speculated to be trading for between $15-$16 million.

It was offloaded by Graham and Margaret Facey whose family have held the holding for 121 years.

CBRE’s Julian White, David Minty and Chao Zhang marketed the land via an expressions of interest campaign.

At the north east corner of Narre Warren Road, the asset is about 39 kilometres south east of the city.

The brokers said the parcel, the majority of which is zoned General Residential, attracted interest in particular from townhouse developers.

“Residential housing clearance rates have exceeded 70 per cent in Melbourne since the May federal election and an increasing volume of auction sales has further underpinned developer confidence,” Mr White said.

“This is one of the largest suburban infill development site deals to transact in Melbourne this year and represents the largest infill residential development site transaction in Cranbourne North,” the agent added.

Mr Minty said national home lending in July increased 5.1% – “the largest monthly increase in over four years, demonstrating that more residential buyers are entering the market seeking new and existing.”

The City of Casey, where Cranbourne North is located, is the fourth largest population growth municipality in Australia, the agents added.

Listed on both the Australian Stock Exchange and the New Zealand Exchange, Summerset operates 19 villages, accommodating about 5300 residents.

In New Zealand it is building nine villages with 10 more proposed.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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