Villa World has moved into Australia’s fourth fastest growing area with the acquisition of a farming site for $53 million.
Villa World, the development arm of MFS Diversified Group has the 120-hectare site at Clyde North within the City of Casey, located 45 kilometres south east of Melbourne.
This latest acquisition in Berwick-Cranbourne Road, takes Villa World’s current stock to around 5800 lots, including the company’s interests in joint venture projects – valued at $1.5 billion.
MFT’s chief executive Brent Hailey said the group plans to develop a new $180 million 911-lot land-only estate.
“The appeal of our project will be its proximity to Berwick, the commercial and industrial areas of outer Dandenong, the Casey sporting fields, the rural aspects and the easy access to south east Gippsland holiday areas such as Phillip Island.
“We expect this project to also be a success given the growing demand for at least 3,500 additional dwellings in this area each year,” he added.
The farming site has a Planning Permit with an endorsed plan by Council for the creation of 623 lots, with the balance of 288 lots in the farming zone portion expected to be available in approximately early 2009, following a rezoning process which has just started.
Hailey said Clyde North was a tightly held pocket mainly of three to five acre properties which sold in excess of $500,000 and appealed to the equestrian market.
The estate will feature lots ranging in size from 350 sqm to over 1000 sqm with average lots between 500 sqm and 700 sqm.
Construction of the first stage is expected to start in January 2007 and be released in August the same year.
By Adam Parsons
