A $30 million AUD, permit-ready residential development site has been listed in the outer Melbourne suburb of Cranbourne. The 30-hectare site that goes by the name ‘Botanic Drive’ is adjacent to the picturesque Cranbourne Royal Botanic Gardens and has approval for 311 lots.
The development site is currently owned by Michael Goldthorp, the managing director of land developer agency Wolfdene. Michael Goldthorp and his investment partners have owned the highly sought after land for the past seven years.
His decision to sell comes after a windfall $190 million sale in December of a Point Cook site to Dahua, a Chinese development firm. Another key reason for choosing to offload the site was the number of unsolicited offers he and his partners were receiving.
Permit-ready development sites in Melbourne’s green field suburbs are highly prized so Botanic Drive is expected to garner a lot of interest. Prices for these types of site frequently sell for over $1m per hectare.
The design plan itself has been carefully thought out. One eye catching feature is a beautiful boulevard that dissects five hectares of parklands, conservation, waterways and walking paths.
Along with the permit approvals and astute design plans, the site is situated in the fast-growing Cranbourne North area with burgeoning communities like Peet’s Acacia, Summerhill and Botanic Ridge housing developments close by.
Popular amenities in the area include the Cranbourne Park Regional Shopping Centre and business district, multi-sport complex Casey Fields, the Cranbourne Recreational and Aquatic Centre and the Casey Indoor Sports Centre.
Frank Nagle and Andrew Egan of Biggin & Scott Land are managing the sale of Botanic Drive. They are hoping to emulate the big deals struck for permit-ready development sites in the Melbourne region recently.
One example was the Chinese development giant Country Garden, who paid a record-breaking $400 million AUD for a 363-hectare site in Wyndham Vale sold by property group Phileo. Another Chinese developer New Sky paid approximately $60 million for a 64-hectare housing project in Tarneit with approval for 800 lots.
Botanic Drive is a great opportunity for astute developers who are keen to hit the ground running and who want to create an aspirational, special product for home buyers in the Cranbourne region.
[Image attribution: Biggin & Scott Land]