VILLA World and Melbourne's Ballieu Family have extended the exclusive due diligence period with an interest party over the $1 billion Eynesbury project in Melbourne, by up to four months.
Managing director Craig Treasure said the “interested party” is continuing to conduct due diligence and the JV have decided to give them more time.
Villa World and the Baillieu family put 4,500-lot –1,500 acres Eynesbury master planned community in Melbourne’s outer western suburbs on the market in December last year.
The Eynesbury estate has been owned by the Ballieu family since 1947. Prior to that, Villa World had been shopping around the market for a partner to help develop the estate to reduce the capital required for development.
The project has attracted controversy in the past when it was under the stewardship of Villa World’s former identity, GEO Property Group. GEO was formerly MFS Diversified Group, which was linked to failed Gold Coast fund manager MFS Limited.
In 2010, residents were told that the developer has amended the master plan and increased the size of the township from 2,900 to 4,500 lots. The extra lots would be built on the site of a proposed second golf course.
Property Review
