Pakenham Development Site Sells at Auction for $6.55 Million

Offered for sale under instructions from the mortgagee in possession by agents DTZ (9544 8944) in conjunction with Gerard Collins Real Estate of Pakenham, the property was purchased by an undisclosed private developer after a strongly contested auction.

With an area of 22,470 square metres , or 2.247 ha or 5.5 acres, the site known as 900 Princes Highway is at the corner of Andrew Norton Way and is just west of or on the Melbourne side of Pakenham township proper.

The site is adjoined by the virtually completed major Lakeside residential development of the Delfin group.

Immediately opposite is the proposed site for a new Bunnings retail outlet and a proposed major hotel redevelopment.

The site has a frontage to the Highway of approximately 230 metres and is exposed to the current high traffic volumes accessing the greater Pakenham community which is enjoying an unprecedented high rate of growth as one of the principal growth centres of the Casey-Cardinia corridor.

DTZ selling agent Richard O’Callaghan said that the site is clearly a substantial commercial development site with the Mixed Use zoning afforded under the Shire of Cardinia planning scheme.

“Adjoining this site on its eastern side is the recently established Pakenham Recreation Centre, inclusive of the local playing fields, ovals and sporting amenities including the indoor stadium and aquatic centre

“The site is level and rectangular in shape with its long axis affording the approximately 230 metres of frontage to the Princes Highway.

“All services are available to the site while the adjoining roads are fully sealed and developed.

“The Mixed Use zoning affords a wide range of options while the purchaser could be expected to create a range of facilities to complement the residential growth that has either occurred already, or will accrue in the short to medium term as other major residential developments in the immediate area come to fruition.

“The property sold for well in excess of our anticipated $6 million for this exceptional development site” Richard O’Callaghan added.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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