DIVERSIFIED property group CFMG Capital will push ahead with a $28 million mixed use project on the northern fringe of Melbourne, after settling on its $6.8 million purchase of 5.8 hectares of land.
The site was acquired in an off-market transaction for $6.8 million last year as part of a portfolio of three assets worth $15.675 million, with the other properties located in south east Queensland.
To be known as Acacia Village, the Wollert property will be developed into 84 residential allotments together with a 6,000 sqm commercial precinct. Marketing has kicked off, with home sites starting from $279,000 and ranging in size from 212 sqm to 440 sqm.
CFMG Capital will retain ownership of the commercial site and is still considering a range of options for development including service station, retail and purpose-built facility for an anchor tenant.
“The site gives us geographical diversification on our primary operational platform of residential land subdivision while also giving us the opportunity to diversify into commercial,” CFMG Capital general manager, Andrew Thomson said.
“The Melbourne residential market is already showing signs of recovering with first and second home buyers being encouraged by low interest rates and improved lending conditions.”
The acquisition of the Wollert site takes the company’s pipeline of projects further beyond $300 million.
CFMG Capital are currently operating a portfolio of 10 different residential subdivisions across Queensland and Victoria.
