A Chinese investor – in its second Australian land play – has made a strategic purchase at Bangholme, about 31 kilometres south east of the city.
The Green Wedge parcel is expected to be rezoned for housing in the medium term.
Spreading 25 hectares, 80 Riverend Road, is opposite Cornish College and neighbours an equestrian centre now known as Jolong Park.
The pocket is a couple of hundred metres from established suburbs including Chelsea Heights and Patterson Lakes.
Keysborough and the relatively new community, Waterways, are also nearby.
Stonebridge’s Chao Zhang and Julian White brokered the $5.1 million Riverend Rd deal with a 75 day settlement.
Ten days ago, the state government announced it would tax land owners 50pc on the windfall received upon a land rezoning.
This capital gain charge comes into effect from July, 2022 (story continues below).
Second purchase in a year
“We received a directive from the vendor to sell the property in an off-market process and with a clear preference for an unconditional settlement,” the agents said of 80 Riverend Rd.
“We were aware of this buyer’s desire to purchase comparable landholdings,” they added.
“After transacting a site in Melbourne’s eastern suburbs last year to this same buyer, our Asia Practice kept in continual contact…and we were able to successfully place their interest into this landholding,” according to Mr Zhang.
The deal comes a week after the same agency sold a 12.1ha parcel at Officer – a growth corridor within the Urban Growth Boundary – for $25m.
At Drouin, a regional town 45km east of Officer, an interstate developer paid $14m for a 42.8ha parcel, about three quarters of which is developable.