Troubled developer sells balance of Melbourne housing estate
Chinese developer Country Garden, trading in Australia as Risland, has sold the balance of the landmark Windermere housing estate, in Melbourne’s west Mambourin, to Frasers Property Australia.
The c$250 million deal for the 174.6 hectare rectangle shaped parcel, lots 3 and 4, 440 Black Forest Road and 323 Greens, comes in the week the vendor missed a bond coupon deadline payment.
It didn’t need to discount, however, with the speculated price about the guide, in August.
Cushman & Wakefield’s Leon Ma, Oliver Hay, Daniel Wolman and Marcus Neill were the agents.
Frasers heads west again
Country Garden paid $400m in 2017 for what was then a 366ha parcel – later launching the estate, Windemere, master planned with c4700 dwellings.
It also created infrastructure and earmarked land for four schools.
Frasers is expected to create c2200 lots averaging c307 sqm (story continues below).
Part of the fast growing City of Wyndham, Mambourin is about 38 kilometres from the CBD.
The deal comes two years since Frasers teamed with Irongate Group to purchase Yarraville’s former Bradmill factory for c$225m, also with plans for a housing estate.
Not long earlier the group sold the town centre component of Tarneit’s The Grove estate to Empire Properties.
In 2020, Frasers acquired an interest in a Clyde North dairy farm capable of being subdivided into c1600 lots.
The company has also been behind a Mambourin housing estate, being marketed for over four years.
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