Ouson Group has sold a 61.4 hectare west Melbourne development site.
The Mount Cottrell holding, 246-344 Troups Road South, is collecting nearly $50 million from a Singaporean group connected to Riverlee, which controls a parcel the same size next door.
In Urban Growth Boundary, the parcel which has just sold was marketed for its potential to be subdivided into more than 900 lots.
Amalgamated with the neighbour, an estate comprising c2000 plots is expected.
Knight Frank’s Ed Wright and Danny Clark represented Ouson.
The suburb is about 29 kilometres west of Melbourne CBD.
Elsewhere in the area, Stockland is developing the Mt Atkinson estate, which will include a town centre.
Another community, Hillgrove, with 620 lots, is taking shape at 104 Troups Rd, Rockbank.
Woodlea, by Mirvac, and Thornhill Park, proposed by private developer Andrew Welsh, are also in the area.
Goldfields Group is marketing a premium residential product in this pocket too: Bridgefield will include a botanic garden and green spaces designed by Wes Fleming.
Last month we reported that developer spent c$20m on a 12ha block at Fraser Rise, a new suburb encapsulating an area previously known as Plumpton – about 12 km north of Bridgefield.
Lend Lease’s Atherstone is under construction in Melton South, about 14 km north-west of Mount Cottrell.
Last July Ouson sold a 23.5 hectare former driving range at 1-15 Ferris Road, Cobblebank for $11m; it paid less than $4m about two years earlier.
Cobblebank, 31 km from town, is another newly gazetted suburb – created in mid-2017 and replacing part of Melton South.
The diversified Ouson was established 14 years ago by Ryan Ouyang.