Ouson Group has sold a 61.4 hectare development site in Melbourne’s west.
The Mount Cottrell holding at 246-344 Troups Road South is trading for nearly $50 million to a Singaporean group with links to local property player, Riverlee, which controls a parcel of the same size, next door.
Located within the Urban Growth Boundary, 246-344 Troups Road South was marketed for its potential to be subdivided into more than 900 lots.
Amalgamated with the Riverlee site, a housing estate comprising about 2000 plots is expected.
Mount Cottrell is about 29 kilometres west of the Melbourne CBD and 15 kilometres south of Melton.
Elsewhere in the area, Stockland is building the Mt Atkinson housing estate, which will include a town centre.
Another community, Hillgrove, with 620 lots, is taking shape at 104 Troups Road, Rockbank.
Goldfields Group is marketing a premium residential product in this pocket too: Bridgefield will include a botanic garden and green spaces designed by landscape artist, Wes Fleming.
Last month we reported that Goldfields Group spent about $20 million on a 12 hectare block at Fraser Rise, a new suburb encapsulating an area previously known as Plumpton (pictured, above), about 12 kilometres north of Bridgefield.
Lend Lease’s Atherstone community is under construction in Melton South, about 14 kilometres north-west of Mount Cottrell.
Last July Ouson Group banked a respectable capital gain selling a 23.5 hectare former driving range at 1-15 Ferris Road, Cobblebank for $11 million. It paid less than $4 million for this commercial development site about two years earlier.
Cobblebank, about 31 kilometres from town, is another newly gazetted suburb – created in mid-2017 and replacing part of Melton South.
The diversified Ouson Group was founded 14 years ago by Ryan Ouyang. It has more than $3.5 billion of assets and development projects under management.