National Pacific Properties – an arm of Burbank Group – is paying $48.5 million for a Pakenham East farm with plans for a low-density housing estate.
The 28.33 hectare site at 90 Mount Ararat South – and a pocket until recently gazetted as Nar Nar Goon – is earmarked for a c500-lot subdivision.
The parcel forms part of a 630ha area affected by the Pakenham East Precinct Structure Plan, which was rezoned for residential development earlier this year.
Core Projects’ Kane Malcomson, Trent Malcomson and Chris Jabs represented the vendors, which held it since 2003.
Pakenham East is about 60 kilometres south east of Melbourne.
In the immediate area, Lendlease is replacing ex-farms covering 113ha with a housing estate, Averley.
90 Mount Ararat Road, Pakenham East
Mr Malcomson said 90 Mount Ararat Rd was “one of the last opportunities to obtain large land in the Pakenham East PSP [zone]”.
NPP general manager, Tom Trevaskis, added the site is directly south of a proposed town centre, school, sporting reserve and future train station.
“This…purchase is aligned with our…growth strategy to acquire new greenfield locations,” according to the developer.
“This deal replenishes our land supply off the back of the success of [Clyde’s] Hartleigh, which is almost fully sold out, Bella, which is nearly 70pc sold almost 12 months ahead of schedule and Eliston, where we have sold all our traditional detached housing product” (story continues below).
The first lots within 90 Mount Ararat Rd should be marketed next year.
Averley selling out
Lendlease, meanwhile, last month announced it will fast-track the second release of its Averley estate after the first stage sold out in 30 minutes.
Over 500 customers qualified for the initial phase, the developer said.
Upon completion, its village will accommodate some 4000 residents in 1500 homes.
A community activity centre and 20ha of parkland is also planned.
The Pakenham East PSP is bound by the Princes Freeway, Ryan Rd and Deep Creek.
More than 7200 homes are earmarked to be developed there.
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