Outgoing Pakenham Racecourse and Showgrounds Site Close to Sale For Circa $30 Million

SIXTEEN months after it first hit the market, the outgoing Pakenham Racecourse and Showgrounds site is believed to have found a buyer.

Well placed industry sources say the vendor, the Pakenham Racing Club, is set to pocket about $30 million from the sale of the 25.85 hectare property, which abuts the Pakenham train station, about 55 kilometres south-east of town.

The estimated sale price is far less than the reported $38 million developer The Corcoris Group agreed to pay for the site early last year, before withdrawing from the transaction in September.

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Peet & Co to Sell Suburban Melbourne Development Site

PERTH-based developer Peet & Co has apparently decided against developing a 28 hectare housing estate in Melbourne’s outer south-east, and is now selling the site.

Sources expect the block could fetch close to $30 million, given it is for sale with a 291-lot subdivision, and effectively ready to build upon.

At 55 Abrehart Road, about 55 kilometres south-east of town, the estate (pictured, right) is near commercial hubs in Cranboune and Dandenong and is not far from the Pakenham Golf Course.

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Pakenham Racecourse Site to Fetch More Than $40 Million

THE Pakenham Racing Club is expecting about $40 million from the sale of its prominent but outgoing Pakenham Racecourse & Showground site in Melbourne’s outer south-east.

The club is moving to a 243-hectare purpose built facility with an event centre and night race-appropriate lighting at Tynong, some 16 kilometres east of Pakenham past Nar Nar Goon.

Construction of the new facility is expected to start in August 2013, and after the sale of the Club’s existing 25.85 hectare complex abutting the Pakenham train station and near the suburb’s town centre.

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Sale Diocese of the Catholic Church to Sell Pakenham Site, Once Earmarked For a School

A PAKENHAM development site until recently earmarked to become a school has hit the market, and is likely to become a shopping centre-based mixed use village.

The Sale Diocese of the Catholic Church is offloading the prominent 6.7 hectare site, with street frontage to Princes Highway, Thewlis and Mulcahy roads, near the Pakenham town centre.

The property abuts the Worthington housing estate and is near the suburb border of Officer – which, like Pakenham, is seeing increasing residential redevelopment.

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