Melbourne’s northern boundary set for further expansion: A 160ha parcel of land in Beveridge, north of Melbourne, has been acquired by the Zhang family’s development company V-Leader Group for around $50 million, in partnership with FarEast Land, according to the Financial Review.
The 290 Gunns Gully Road property, known as The Gums, has the potential to accommodate nearly 1,400 homes under the slated Beveridge South West Precinct Structure Plan that is currently being considered by the state government.
The sale follows Zeng Xiong Lin’s circa-$200 million purchase of the 600ha Deloraine farm at 500 Old Hume Highway, which could bring another 6,000 lots to Beveridge. The rural town is just to the north of Mickleham and Donnybrook, currently at the edge of urban Melbourne. That region will see major community developments undertaken in the coming years, including two major projects by Mirvac across 465ha, and the Dennis Family Corporation’s Peppercorn Hill, of 5,000 lots.
Chinese developer Blueways Holdings and local group Wolfdene recently combined to take on a 208ha site on Donnybrook Road with potential for up to 2,000 homes, after they paid around $30 million for a site next to Donnybrook train station, and Satterley Group picked up a 68ha parcel nearby.
In Melbourne’s south-east, major Chinese developer Country Garden revealed it would deliver 124 lots across an 8ha site in Cranbourne East in a project with Mercator Developments. The Financial Review has also reported Country Garden has entered into an agreement to developer a 70ha site in the nearby new suburb of Clyde Creek.
Country Garden made headlines last year with its record-breaking figure of $400 million for 366ha of land in Mambourin on the south-west fringe.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys.