If you’re a landowner in Wyndham Vale, there’s never been a better time to sell.
A 115-hectare property on Black Forest Road last week sold for almost $100 million, with plans to develop 1200 house lots, as well as retail and commercial developments.
Selling agent Clinton Baxter, of Savills Australia, said while the final figure could not be released due to commercial confidentiality, the property sold for about $95 million to Singapore-based developers Frasers Property.
“Ourselves and the vendor were pleasantly surprised,” Mr Baxter told
Star Weekly. “It sold well in excess of the expected $70 million.”
He said the sale highlighted the strength of the subdivision market in the area, with buyers waiting sometimes years to purchase lands lots, and developers waiting to build.
“There is an overwhelming demand for lots from buyers and developers,” he said.
The interest in the Black Forest Road property was “overwhelming”, he said, with 15 independent offers from major developers, both from Australia and parts of Asia.
Frasers Property executive general manager Anthony Boyd said the aim is to develop affordable housing supported by a town centre with commercial developments close by.
“There is no detailed feasibility strategy just yet, but there is a huge demand in that corridor for lots,” he said. “They will be affordable.
“This strategic acquisition is ideally located in one of the highest volume residential trading corridors, not only in Victoria but Australia.
“Future infrastructure improvements, and a focus on generating new employment in the region, support the extremely strong fundamentals for the Wyndham Vale site.”
Mr Boyd said the development will commence in six to 12 months.
