Growland Group buying 143-hectare Werribee farm

Growland Group, a local developer backed by Asian investors, has entered into exclusive negotiations with a Melbourne family to buy an enormous Werribee farm, not yet zoned for residential redevelopment, for a speculated price of more than $30 million.

The 143-hectare property on Bulban Road, about 45 kilometres from the GPO, is at the western most edge of the suburb. The farm across the fence is classified as Mambourin (though developers using this postcode, 3024, also promote it as Wyndham Vale and Manor Lakes, among other names).

The western suburb property is part of the future Mambourin East Precinct Structure Plan encouraging residential redevelopment in the City of Wyndham area - one of Australia's fastest growing municipalities expected to accommodate more than 200,000 residents over the next 20 years.

However the holding is zoned for commercial use, which severely lowers its value. It is also sliced near the middle by a railway line, part of the Regional Rail Link (which delivered the Wyndham train station, nearby).

Abutting the Growland property to the north is the Cornerstone estate being developed by Perth-based Peet Corporation.

To the east, Lendlease is two years into a 12-year plan to replace a 435-hectare farm with Harpley, a community set to contain a town centre, recreation facilities, 4000 dwellings, three schools and parkland with 60 hectares of waterways.

Frasers Property Australia also controls a major tract in this pocket. It famously paid a retired couple $95 million last year for their 113-hectare plot at 974 Black Forest Road last October.

Savills agents Nick Peden, Julian Heatherich and Benson Zhou marketed the Bulban Road block. The agents and Growland representatives declined to comment about possible plans to rezone the property for housing.

Growland is behind recent apartment projects in the CBD, Southbank and St Kilda Road but it is expanding in the suburban residential market. Earlier this year it paid a reported price of more than $70 million for a 62-hectare block in Tarneit, near Werribee - a project set to be built in 20 stages.

Kokoda Property buys another blue-ribbon site

Kokoda Property has purchased an apartment development site in blue-ribbon Hawthorn East.

The local developer said it is paying $9.5 million for the 1427sq m block on the corner of Burke Road and Mowbray Street - in the suburb's exclusive Anderson Hill precinct. It sold with a permit to be replaced with a four-level building containing 29 large units. Developers say there is strong demand at present for high-quality apartments to satisfy wealthy downsizers who want to stay in the leafy east.

Savills Julian Heatherich and Jesse Radisich marketed 553-555 Burke Road - two empty, neighbouring homes.

In the suburb, Kokoda Property developed an apartment project at 8 Montrose Street a few years ago.

A month ago the developer was reported to be in due diligence to buy a strategic site beside the Malvern train station from businessman Mark Rowsthorn for $40 million.

VicRoads to sell more Strathmore land

VicRoads is readying to sell another block of land beside Essendon Airport.

The approximate 4600sq m Strathmore plot, maintained by the City of Moonee Valley council as a park for 40 years and fitted with playground equipment in 2002, could fetch more than $3 million, agency sources speculate.

The council refused to buy the site for $1.5 million - twice. It is known locally as the Strathaird Reserve, and its sale, first formalised by VicRoads in 2014, has been controversial.

Two years ago the government arm banked a reported $7 million selling a 1.3-hectare "surplus" parcel of land also abutting the Essendon airport on nearby Mascoma Street, Strathmore Heights.

Last month the area made headlines when the weatherboard made famous in 1997 movie The Castle - which also borders the airport - sold for $40,000 as a relocatable home. The new owners will move the three-bedroom house to Beechworth's ex-Mayday Hills Lunatic Asylum, which is being refurbished into a hospitality venue.

The Strathmore land at 3 Dagonet Street which accommodates this home was permitted by council to make way for townhouses earlier this year.

Advertising guru sells $7m St Kilda office

Globally renowned advertising agent Sean Cummins has sold his company's Melbourne office headquarters for $7 million with a leaseback.

The incoming purchaser of his strata office, a syndicate, is acquiring the top two floors of 201 Fitzroy Street, St Kilda, on a 6.7 per cent yield. The campaign for 1568sq m of area was struck by Knight Frank's Andrew Hansen and Matthew Romanin following a campaign which they said generated some 80 inquiries.

Last year, Cummins was entered into the Adnews Hall of Fame at the Agency of the Year Awards. The entrepreneur heads Cummins & Partners offices in Melbourne, Sydney, Toronto and New York and was behind the successful "Best Job in the World" campaign for Tourism Queensland.

Toyota ends an era in Laverton North

The selldown of Melbourne industrial sites associated with car manufacturing is continuing.

In Laverton North, about 18 kilometres from the CBD, Toyota's Boshoku division is offloading a 5.7-hectare factory which makes door panels and seats for the Aurion and Camry.

At 235-239 Boundary Road, the vacant property is configured with a 17,995 square metre warehouse, 1880sq m office and "significant" car parking and hardstand.

Some 2.2 hectares of the block can still be developed, or strata titled and sold off.

The land was purchased in 2002 for $2.9 million from the Industrial Projects division of builder Vaughan. Now fitted with a facility "constructed and maintained to the highest order", the property is expected to sell for more than $17 million. Savills' Greg Jensz and Tim Casanelia are the marketing agents.

Elsewhere in Melbourne's west, Toyota operates a large manufacturing plant in Altona North, which is expected to produce Australia's last car, a Camry, then close on October 3.

Toyota's office headquarters are closer to town in Port Melbourne. General Motors Holden recently sold its prominent manufacturing plant in this suburb to the state government for $130 million. The 37-hectare holding is expected to make way for workplaces, to accommodate the thousands of dwellings under construction or set to be built in the Fishermans Bend Urban Renewal zone.

Email: marcpallisco@gmail.com

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