Offshore developer acquires Junction Village block
An offshore developer has snapped up a permit-ready low density housing site at burgeoning Junction Village.
Known as 41S Craig Road, but with most of its frontage to Botanic Drive, opposite Cranbourne Royal Botanic Gardens, the 6.65 hectare block collected c$13 million.
It previously traded four years ago for $12.1m.
Prior to that, the land was sold in 2014 for $2.53m by the company which ran the now-Aveo retirement village, next door.
Savills’ Tanya Su brokered the latest off-market deal for a mortgagee.
Sleepy towns waking up following PSP
About 45 kilometres south east of Melbourne, the site is affected by the Botanic Ridge Precinct Structure Plan, which, with the Devon Meadows PSP, is resulting in farms at Junction Village, Botanic Ridge and Devon Meadows, all suburbs off this portion of Craig Rd, being replaced with low density housing estates.
Commercial product is intended for the South Gippsland Highway, the area’s busiest access points.
A major residential village, Greenwood Estate, spreading 10.72ha and permitted for a 199 lot subdivision, recently started construction next door (story continues below).
Peet is behind two of the area’s biggest projects – the adjoining Acacia and Summerhill – which, though near 41S Craig Road, are in Botanic Ridge, where the median house price is much higher, at $910,000 vs $622,500 according to REA Group.
Also in the pocket, is MAB Corporation, which two years ago committed to outlay $37.5m for a collection of farms, all up spreading over 32ha (image, below).
The biggest of those parcels is also on Craig Rd, opposite the land which Savills just sold – however the entire amalgamation is zoned Devon Meadows; the other (four) properties are around Devon Rd.
Set to settle in 2026, MAB has earmarked a c500 lot subdivision.
Because the area is still mostly full of rural/lifestyle properties, Devon Meadows’ median house price is higher than its more metropolitan neighbours closer to the city – at $1.355m.
Cranbourne is the nearest major activity centre, four kilometres from the area.
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