Evolve Development sells Annadale for a rumoured $50 million
Evolve Development has sold its Annadale development in Mickleham for a rumoured $50 million to a joint venture between NTT Urban Development Corporation and Sumitomo Forestry.
Annadale, 495 Donnybrook Road in Mickleham, was developed by Ashley Williams and Ron Walker, who purchased the site in 2008 and began work to develop the 1200 lot residential estate. Since 2013 330 lots have been sold, with the construction and settlement of the first 110 lots scheduled for mid-September 2015.
The end value of the project, once housing is constructed will exceed $400million according to Ashley Williams, managing director of Evolve Development. He said the off market transaction presented a strategic opportunity.
“The time was right to accept the offer so that Evolve Development can reinvest in new projects and opportunities," he said.
"Our vision for the site takes in the beautiful views of the Mt Ridley Woodlands with lots ranging from 221m2 to 817m2. There are also many established amenities nearby such as shops, supermarkets, childcare services and on-site primary school and parkland."
The median house price for a home in Mickleham is $186,750, according to CoreLogic RP Date.