FRASERS Property Australia, advised by MinterEllison, has settled on the $91.5 million purchase of a vacant farm land at 974 Black Forest Rd Wyndham Vale in Melbourne’s west.
Frasers Property bought the property from a farming family in October 2016. The deal catapulted the humble family into Australia’s rich list overnight.
Laywers MinterEllison advised on the transaction. The team was led by lead partner Carla Deluca, supported by senior associate David Chin.
The site is in a growth zone and forms part of a Precinct Structure Plan which covers nearly 500 ha of land and envisions a town centre integrated with a railway station precinct and over 5,000 new homes.
“Wyndham Vale is an area that will see great change in terms of infrastructure and amenities over time to meet Melbourne’s rising population growth,” Deluca said.
“Our team is proud to have advised Frasers Property on the acquisition of the site, as well as all associated matters.
“We’re very excited to have played a role in developing a site which is set to become such a big part in the future residential landscape of Melbourne’s western growth corridor.” Deluca concluded.
Frasers Property’s settlement comes as competition for sites across Melbourne heats up.
Last week Chinese developer Dahua acquired the 191ha Riverhills Estate in Wollert for around $70 million, whilst Sydney-based Goldate Group paid farmers $200 million for the 92ha site at 2125 Thompsons Rd Clyde North.
Australian Property Journal
