Rosebud caravan park sells to townhouse developer
Piermont Group has paid $6.4 million for the former Carrington Caravan Park at Rosebud.
The 110 Elizabeth Drive property is earmarked for c50 townhouses.
The property was to have sold three years ago to Steller, which went into receivership last July.
When that purchase didn’t settle, the owners had the option to list it again – which they did, last October, via Savills’ Julian Heatherich, Benson Zhou and Mark Stafford.
On 2.44 hectare it was marketed squarely to developers – residential, aged care and tourist accommodation suppliers, amongst them.
The sale price values every square metre at $262.
“Given the size of the property and its position along Victoria’s tightly held Mornington Peninsula, 110 Elizabeth Dve was met with strong interest from the developer market,” Mr Heatherich said.
“Ultimately Piermont Group was able to secure the property, appreciating the true potential of the landholding,” he added.
“After selling a significant number of development sites in 2019, we have already experienced an upsurge in developer confidence.
“Having already transacted this site as well as having multiple properties under contract, 2020 is looking to be an especially active year for the developer market”.
The Carrington site has Rosebud Avenue frontage and is near the Mornington Peninsula Freeway.
Rosebud’s town centre and its beaches are about three kilometre away (story continues below).
Last year, a 22.3ha farm in the suburb, which Steller acquired for $7m in 2016, traded to another developer at auction, for $4.65m.
Piermont Group
Based in Tyabb, at Western Port, about a 75 minute drive south of Melbourne, Piermont Group contains townhouse projects in nearby Hastings and Hampton Park.
Completed projects are, coincidentally, all within an hour drive of its headquarters, including at Bittern, Clyde North, Crib Point, Cranbourne, Frankston, Pakenham and Pearcedale.
According to its website, it has finished 12 Langwarrin developments.
Elsewhere in Rosebud, the builder has completed eight townhouses at 41 Hove Road.
It is also constructing a low rise, medium density complex at 30 Rosebud Ave.
“Off the back of receiving significant pre-sales in a very short period of time for another Rosebud project, Piermont Group came across this [Carrington Caravan Park] site with assurance,” company managing director Warren Trewin said.
“The acquisition of this site made sense to us,” he added.
“The market is strong and it supports our mandate to keep delivering high quality projects on the Mornington Peninsula”.
