Satterley expands its Victorian landbank with Point Cook acquisition
The Perth-based Satterley Property Group has reportedly secured a 125-hectare Point Cook West residential development site west?of Melbourne.
The sale of three crown allotments has yet to be formally announced by the Napthine government but the selling agent Frank Nagle, of Biggin & Scott, told the Australian Financial Review that it had been a “well-contested tender”.
The Australian Government Future Fund was the reported underbidder with Mirvac, Cedar Woods Properties and Villawood Properties also involved in the tender for the probable 2000 lot development bounded by Hacketts Road, Sneydes Road and the Princes Freeway.
Andrew Egan, director of selling agency Biggin Scott Land, had previously advised the site was being offered in three parts, each between 39 and 43 hectares.
Satterley’s proposed development will create a new master planned suburb with a projected propulation of more than 5000 people on Melbourne’s outskirts.
Satterley is one of the biggest private property development companies in Australia.
The Perth-based company’s last acquistion in Victoria was in 2010 when Satterley paid $79?million for the Kodak factory site in Coburg Hill, in Melbourne’s inner north.
Its an adjunct to Werribee East, a $10 billion employment precinct - dubbed the capital of the new west.
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