Thursday 30 September 2021

Developer Stakes New Claim in Greenfield Hotspot

Perth-based developer Peet has staked another claim in Melbourne’s blue-chip greenfield corridor, fending off a fierce line-up of bidders for the balance of an existing estate landholding.

It has purchased a 26ha permit-approved chunk of Greencor Developments’ Mystique Estate at Wollert, in the city’s northern residential growth belt.

Peet was among a highly-competitive field of developers circling the holding in Victoria’s greenfield hotspot.

The site is surrounded by other large masterplanned communities including Cedar Woods’ “Mason Quarter”, Dahua’s “Wollert Rise”, Bauenort’s “FindonView Estate” and AV Jennings’ “Lyndarum North”.

It is expected to yield 300 lots—more than half of the 550 lots in the actively trading Mystique Estate in which 250 lots have already sold, constructed and settled.

Marketing agent Kane Malcolmson from Core Projects said the transaction of the 25.75ha holding reflects and underpins the current strength of the Victorian greenfield land market.

He said the off-market expressions of interest campaign resulted in 15 formal offers being put on the negotiating table.

“The property attracted a strong mix of Australian and off-shore interest from developers relishing the opportunity to purchase an established and trading estate within the highly sought-after Wollert precinct,” Malcolmson said.

“It was extremely well contested under very competitive conditions. Peet Limited will deliver a fantastic project across the balance of 300 lots.”

Low interest rates and government stimulus packages have underpinned the strong demand for house and land sites over the past 12 months.

Victorians accounted for 29 per cent of all HomeBuilder applications with close to 30,000 new build applications.

Melbourne’s growth corridors in the north and west were earmarked for an additional 284,000 dwellings in Melbourne’s Urban Growth Boundary.

Cedar Woods, another Perth-based developer, recently bolstered its land supply in Melbourne’s western growth corridor, acquiring 54-hectares for $63.5 million.

The two separate transactions were for a 14.6ha site at Fraser Rise ($30.5 million) and a 39.7ha site at Fieldstone ($33 million), adding a further 725 lots to its pipeline.


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