Property Development

Goldfields snaps up strategic Melbourne farm for c$110 million

Goldfields snaps up strategic Melbourne farm for c$110 million
Written by The ReReport
As seen in the Source link, written by on 2019-06-28 00:35:50


Goldfields is readying to push Melbourne’s suburban sprawl outwards after snapping up a strategic site in the outer south-east.

Goldfields is paying the Grossi family a speculated price of between $105 million and $110 million for the 71 hectare Clyde North holding (pictured, top) .

About 50 kilometres from the city, the plot, known as 275
and 285 Pattersons Road, has the potential to be subdivided into more than 1000
housing lots.

Given present market values, a 400 sqm block would retail to new home buyers for more than $340,000.

When contacted, Goldfields managing director Marco Gattino declined to comment about any part of the Pattersons Road deal.

It is understood that Goldfields is seeking to start marketing the property by 2020.

Housing estates are under construction north, west and south of the parcel.

Stockland is building the Edgebrook housing estate in Clyde North.

Stockland’s Edgebrook is one of them.

National Pacific Properties, part of the Burbank Group of Companies, is also in the pocket: its Hartleigh estate will contain more than 760 lots, the average measuring about 380 square metres.

Former Carlton footballer Fraser Brown’s $630 million Highgrove
development also neighbours 275 and 285 Pattersons Road.

Brown Property Group recently launched the 23rd stage of Highgrove – which includes blocks ranging in size from between 450 sqm to 750 sqm.

Mr Brown paid another farmer $14 million in 2014 for the 41-hectare property at 1350 Pound Road which is making way for Highgrove.

Clyde North is serviced by amenity including schools, medical
centres and retail. It connects to the Monash Freeway bringing commuters to the
city in about 40 minutes. It is also a short-distance to the South Gippsland
Freeway, giving residents another road route into metropolitan Melbourne.

The suburb is about 23 kilometres from Dandenong, a major employment precinct often marketed as Melbourne’s “second city”.

The Pattersons Road property is the second land play Goldfields has recently been connected to. Last month, we reported it snapped up a 12-hectare site in Melbourne’s west for about $20 million.