SightStone doubles money on land

The SightStone block (marked ‘Elm Springs’) from a 2017 marketing campaign.

SightStone has sold its master-planned Radiance housing estate site for c$100 million.

The deal comes four years since the developer agreed to pay $45.58m on a long settlement for the 40.9 hectare parcel, 75 McCormacks Road, Clyde North.

Mirvac is paying $70m for a site near 75 McCormacks Road.

The property previously traded for $415,500 in 2001.

Permitted to yield about 737 blocks, the holding was in 2017 promoted for its potential to be subdivided into about 675 lots.

Dahua Australia is believed to be the incoming owner.

Biggin & Scott Land’s Andrew Egan and Core Projects’ Kane Malcomson represented SightStone.

Significant capital chasing sites: agent

Clyde North is about 46 kilometres south east of Melbourne.

Elsewhere in the suburb, we are today reporting that Mirvac outlaid c$70m for a housing site abutting its 240ha Smiths Lane village, which has been under construction for just over a year.

Last month Brown Property Group paid over $230m for a 115.75ha block in neighbouring Clyde – with plans for another residential community.

Nippon Telegraph and Telephone Corporation, in partnership with Yourland, has also recently snapped up land for this purpose: at nearby Officer (for $43m), and in Donnybrook, north of the city, for c$100m (story continues below).

Last week Cedar Woods spent $63.5m on two major residential development sites, in the west.

Also this quarter, ID_Land committed $100m for a Gisborne block capable of yielding about 700 dwellings.

Stockland, meanwhile, which last year acquired a 130.7ha Clyde North parcel, recently spent $82m for 85ha at Tarneit, with plans for a housing estate.

Mr Malcomson declined to comment about the McCormacks Rd deal but said the greenfield market is continuing to perform strongly even through lockdown.

“There is a significant amount of capital looking to be placed into very few available sites, which is producing extremely competitive conditions,” he added.

Booming median

The depth of demand for stock comes four months after metropolitan Melbourne’s median house price passed $1m for the first time.

In Clyde North, the average home will cost $680,000 according to REIV figures released in June, 2021.

Two years ago, established dwellings in the area were averaging $510,000.

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Marc Pallisco

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