Yourland and Japanese conglomerate NTT to joint venture Donnybrook housing estate
A 76-hectare housing estate site at Donnybrook Road has been sold for more than $100 million.
The estate's joint venture partners are reportedly Japanese telco giant Nippon Telegraph and Telephone Corp and local developer Yourland.
They have secured the site at 915 Donnybrook Road from the Monteleone family, according to the Australian Financial Review.
The site currently a dairy farm and home of the Donnybrook Farmhouse Cheesery has the capacity for about 1100 housing lots in the city’s key northern growth corridor.
It was marketed as "the last remaining development piece of Donnybrook Road. Situated alongside Australia's best developers Stockland and Mirvac just 30 km to Melbournes CBD."
Yourland director Mark Erskine confirmed it would develop the site with Nippon as its capital partner.
Yourland is best known for the housing estate, Seventh Bend near Melton. The community is a partnership between YourLand Developments and Melbourne developer APD Projects.
It has been selling generous lifestyle blocks since July 2017, with 820 allotments being released over 22 stages.
NTT is also involved with other sites having previously noted Melbourne’s status as one of the world’s most liveable cities.
The real estate division of Nippon Telegraph and Telephone owns River Valley Project, located in the Sunshine North area and Rix Road Project in the growing suburb, Officer.
It also purchased 200 Victoria St, Melbourne, one of the city’s highest-ranked sustainable properties for $72 million in May last year.