Satterly

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A 36,000sqm residential development site at Officer in Melbourne's south east has been sold to the Satterley Property Group, one of Australia’s largest residential land developers.

The $11.26 million site will accomodate around 110 dwellings, some 48 km from Melbourne's Central Business District, located within the Shire of Cardinia local government area.

The sale was negotiated by Clinton Baxter, Mark Stafford and Julian Heatherich of Savills. Baxter, the state director at Savills, advised the market for ready-to-develop land in the growth corridors of Melbourne now exceeded the previous peak of 2017.

"Developers are unable to supply residential lots into the market quickly enough to meet demand driven by ultra-low interest rates and government stimulus incentives," he said. “The property sold on a land rate of $1,251,000 / acre. It last traded at $885,000 in 2005.

“Whilst the vendor family had a range of compelling offers to select from, they felt most comfortable to sell to Satterley who has been busy developing its highly successful 1700 dwelling Arcadia estate in Officer,” Baxter noted.

With a median house price of $593,000, and a rental yield of 3.5%, Officer has been popular among home buyers due to its accessibility to the Princes Freeway.

The master-planned community, Arcadia will come with a future town centre, two nearby train stations and three new schools at its doorstep.

Recent releases such as The Reserve, a collection of 2 and 3-bedroom townhomes designed and built by Porter Davis, have sold out.

<h2>Properties selling now in VIC:</h2>

[smartcode_project:default project_id=3459]

[smartcode_project:default project_id=3783]

[smartcode_project:default project_id=22803]

 
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The site is expected to accommodate about 110 dwellings once developed

Satterly

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