Site Overview

Land Area: 32.5ha*

Zoning: Designated “Low Density Residential (R600)” under The Park Ridge Structure Plan (2011)

Sale Process: The property was offered to the market for sale by Formal Offers to Purchase after which extensive negotiations were undertaken with one group ultimately securing the property on an unconditional sale with delayed settlement terms.

Market Feedback

– Strong market attention for the property. The physical attributes being cleared and near level land were very positive.

– Vast majority of the market assessed the site on a base yield of 350 plus lots.

– Provision of infrastructure was the predominate issue with sewer access being out of sequence necessitating bringing the sewer forward at significant cost. It was not known at the time of sale if these costs would be creditable.

Development Approval

Prior to the site selling, a development approval was achieved for 436 lots.

 

Sale Analysis*
Vendor:Craperi Family
Method of Sale:Formal Offers to Purchase
Marketing Timeframe:51
Total Offers Received:6
Contract Date:November 2013
Sale Price:$13,625,000
Settlement Date:25 November 2016