Permit ready Tarneit housing block earns $4.5m
A small low-density housing site wedged between larger estates controlled by Dahua and LLT Developments has sold for $4.5 million.
The 2.6 hectare Urban Growth zoned block at 1273 Dohertys Road was offered permit-ready for a 35-plot subdivision.
A super-lot, measuring 3094 square metres, is allowed for a commercial project, including a childcare centre, gym, medical complex or small aged care community.
NSL Property Group selling agent Guy Naselli said despite its size, some of the country’s biggest developers inspected his offering.
“The strategic location and future upside were attractive features the new purchasers will take advantage of,” he added.
Dahua’s Orchard, over 64ha, is master-planned with about 640 blocks.
LLT’s Verdant Hill – on 194.5ha, will contain about 1300 homes (story continues below).
Peet is also in the pocket, its Newhaven estate earmarked for 1200 dwellings.
In March, Stockland paid New Sky Group c$50m for a 38ha parcel – the balance of the Grand Central estate – which has the potential to yield 493 dwellings.
Last month Frasers Property Australia sold the three ha tract earmarked as the town centre for it’s The Grove community.
That buyer, Empire Properties, is behind mixed-use commercial projects at Armstrong Creek (Geelong), Maddingley, just west of Bacchus Marsh, Roxburgh Park and Point Cook.
Tarneit is about 27 kilometres west of Melbourne.
