Satterley acquires Tarneit housing site

In August, we reported Cedar Woods paid $30.5 million for a 14.68 hectare Fraser Rise block.

Satterley is continuing to replenish its Melbourne development pipeline, picking up a permit-ready Tarneit site from New Sky Group.

The deal for the 45.9 hectare block, 800 Derrimut Road, is worth $54.68 million.

The vendor paid $33m in 2016 before obtaining a permit for a 417-lot subdivision.

Six months ago, New Sky banked c$50m selling a 38ha Tarneit parcel – the balance of the Grand Central estate – for $50m to Stockland.

Elsewhere in the city’s west, in August, Cedar Woods snapped up two housing estate sites in the city’s west – 1015-1041 Melton Highway Fraser Rise, which spreads 14.68ha and cost $30.5m, and a 39.7ha Fieldstone parcel ($33m).

Last week, Henley paid $14.55m for an 11.37ha block at 195-205 Vineyard Road, Sunbury, which has the potential to be subdivided into up to 190 lots.

That vendor, a syndicate, outlaid $391,000 in 2003.

Gill Property’s Graham Hemingway and Stephen Bolton brokered the 800 Derrimut Rd and Plumpton deals (story continues below).

Satterley has already started marketing the Tarneit site as the Bluestone housing estate.

Satterley spending spree

Satterley has already started selling down the Tarneit land as part of an estate branded Bluestone.

The Derrimut Rd acquisition comes four months since the Perth based developer outlaid $68m for a 68.7ha block at Shenstone Park, north of Melbourne.

That tract neighbours an almost identical sized plot for which the group paid $34m in 2016.

Earlier this year Satterley spent $11.26m on a 3.56ha townhouse site abutting its near-complete Arcadia estate, in Officer, south east of the CBD.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of