A 1.88 hectare* site at 25 Newmarket Road, Werribee has been sold by Stonebridge Property Group, represented by Julian White, Chao Zhang and Jacob Biviano. The General Residential Zone development site located in Riverwalk was sold to an investor with interests in aged care and retirement living.

The expressions of interest campaign generated a total of 85 enquiries and multiple bids, with the buyer purchasing the site on an unconditional basis on an approximately two-week settlement period, with the intention to deliver an aged care facility. There was strong underbidding from local, Sydney and international residential developers.

“The level of bidding and price achieved demonstrated a strong interest in the site” said Stonebridge National Partner, Julian White. “It continues the trend we are seeing in the market of buyers really preferencing high quality development sites over secondary options.”

A key strategy for our sales and marketing campaign was highlighting the success of the nearby development estate, Riverwalk Werribee, which is being delivered by Development Victoria, the Victorian Government's property developer, in partnership with Melbourne Water Corporation. To date, the mix-used development has seen approximately $281 million invested by the Victorian Government to provide much- needed new homes to Melbourne's western suburbs. Stonebridge represented Development Victoria in the transaction.

To request a sales analysis please contact the selling agents, Stonebridge Property Group’s Julian White, Dylan Kilner, and Chao Zhang via the below contact details. 

Click here to read article on Retalk Asia:  Life sciences real estate reaches 100 million sq. ft. with major hubs like Shanghai, Beijing, Tokyo, Singapore, and Melbourne; US$18 billion of funds has been raised to invest in life sciences real estate.

Sign up here to receive The ASEAN Developer newsletters and breaking news sent straight to your inbox.

Related Reading:

Mornington development site sold under the hammer to Melbourne developer by Stonebridge Property Group

Retirement Living platform, Aura Holdings to broaden its capital base to grow its portfolio to 2000+ apartments

Childcare developer outbids traditional residential developers for Officer development site sold by Stonebridge Property Group

Vacant Burwood aged care and seniors living home sold to international operator sets new benchmark - CBRE 

Click here to read other Medical Real Estate News