The sale of five neighbouring properties totalling approximately 32 hectares in Victoria's Devon Meadows demonstrates that developers remain optimistic about projects in growth corridors, according to Colliers International.

The vacant land was sold to MAB for $37.5 million in a deal negotiated by Colliers agents Mark Burgio, Trent Hobart, Michael Gardiner and Robert Papaleo. 

Matthew Planner, MAB General Manager of Communities, said the developer planned to build a master-planned community with an estimated 500 residential lots. 

At a glance:

• Five neighbouring parcels of land at Victoria's Devon Hills has been sold to developer MAB for $37.5 million.
• MAB plans to build a master-planned community with an estimated 500 residential lots.
• The sale was negotiated through Colliers agents Mark Burgio, Trent Hobart, Michael Gardiner and Robert Papaleo.

Source: Colliers International

“The Devon Meadows acquisition speaks to MAB’s development DNA and represents a strategic opportunity to expand our greenfield residential land pipeline in Melbourne’s south-east growth corridor," he said.

"It also further demonstrates MAB’s investment confidence in the City of Casey."

This location benefits from its proximity to the Royal Botanic Gardens Victoria at Cranbourne Gardens, Cranbourne  Town Centre and the South Gippsland Highway, while also being situated in a popular region marked by successful established and developing communities. 

The purchase builds on MAB’s portfolio of mixed-use master-planned communities, including the $2.5 billion landmark NewQuay development at Docklands and the $1 billion University Hill mixed-use precinct in Bundoora  and Merrifield in Mickleham, the latest large-scale project comprising more than 900 hectares of land in Melbourne’s  northern growth corridor. 

Source: Colliers International 

Mark Burgio at Colliers International said sites within the City of Casey and future Devon Meadows Precinct Structure Plan were highly sought-after by developers. 

“This site was unlocked for sale during a 2018 sales campaign for nine individual landowners, who teamed up to sell 10 neighbouring properties, totalling 42.25ha, for $55 million to a local developer," he said.

"These combined greenfield portfolios have now sold for a combined total over $92 million, to two large developers.

“MAB will take confidence from the strong precedent for highly successful master-planned communities in the region, with Acadia at Botanic Ridge and Summerhill currently being established in the adjacent Botanic Ridge Precinct. 

"To achieve such a significant sale during Melbourne’s stage four lockdown amid COVID-19 indicates the resilience of the industry and highlights the optimism developers still have for residential developments in growth communities."

Similar to this:

Townsville's South Yards precinct development site is for sale by Colliers and CBRE

Significant land parcels for sale in Sydney’s South West growth corridor - Colliers

Caughey Preston Trust site sold Auckland, New Zealand to local buyer - Colliers