Stockland in c$180m play for Clyde North farm

Stockland’s Edgebrook display suite, in the area.

Stockland is negotiating to buy a 130.7 hectare low density housing site almost next door to one it recently started marketing, in Melbourne’s Clyde North.

The deal with the Follett farming family for 470 Pattersons Road and 1965 Ballarto Rd is worth about $180 million according to sources.

Offered in two parts, the land could yield a total of more than 1500 dwellings.

Some commercial components would need to be master-planned, too.

The property is near Edgebrook – a community Stockland has been marketing for more than a year, but which doesn’t front Ballarto Rd.

A spokesperson for the developer declined to comment about speculated deals.

Alex Scott’s Malcolm Graham and Tom Gibson were the marketing agents (story continues below).

Melbourne’s sprawling outer south east

Clyde North is about 46 kilometres south east of the city, between Cranbourne and Officer South.

Since 2000, it has been making way for numerous low-to-medium density housing estates – the 65ha Edgebrook amongst them.

In August, Frasers Property Australia entered an agreement with a dairy farm owner to replace a 116ha site in the suburb with about 1600 residences and town centre.

Mid last year Goldfields invested c$110m on a 71ha property opposite Edgebrook; at 275 and 285 Pattersons Rd, Clyde North, this is earmarked for some 1000 homes.

Last week MAB Corporation paid $37.5m for a nearby 32ha Devon Meadows holding with plans for a c500 lot residential community. Earlier this month Henley paid Potter Group c$8m for a 4.1ha estate permit-ready for 51 dwellings.

A Ballarto Road entrance to the farm, from Google Street View.
The site (highlighted) is about 46 kilometres south east of the city.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco