Frasers Property buy Stockland's $200 million masterplanned community The Grove in Melbourne's West
Frasers Property Australia has spent $202.5 buying The Grove master planned community at Tarneit, in Melbourne’s west, from Stockland.
The deal was under deferred payment terms.
The Grove is an existing community with around 850 lots already sold and developed.
Anthony Boyd, executive general manager of residential at Frasers Property Australia says the acquisition of The Grove is a key addition to the company’s residential portfolio.
“The Grove is strategically located within Melbourne’s fast-growing western corridor and in close proximity to existing and proposed services and amenities, including the new Tarneit railway station, schools and shops,” Mr Boyd says.
“Stockland has set a high standard for both quality and community at The Grove and we’re delighted to be able to bring this growing community to fruition. Residents can be confident that we respect and share their vision for The Grove and we’ll work with Stockland to ensure a smooth transition.
“There’s already a strong sense of community established at The Grove and we’ll look to build on this, working with existing and new residents to create a place everyone can be proud of.”
Frasers Property will acquire the balance of the project, which covers 167 hectares and will yield 1,780 residential lots.
Of these, around 460 lots have exchanged, with revenue of approximately $130 million to be received by Frasers Property within 18 months.
The Grove will comprise over 2,600 homes once completed, as well as a town centre retail precinct, proposed primary and secondary schools, a neighbourhood activity centre, sporting oval and community facilities, expected to include medical and child care, as well as a series of cycle paths, parklands, creeks and waterways.