State government land sale reaps $100m
The Victorian state government has sold its holding of a 125 hectare site in Werribee, 32 kilometres south-west of Melbourne’s CBD, to Perth-based Satterley Property Group for just over $100 million.
The sale to the Satterley Property Group is considered one of the biggest state government land deals in a decade.
Commenting on the successful tender, Jack Hoffmann, general manager of Victoria and Queensland, said that the company was planning between 1,800 and 2,000 homes on the site.
The planned new housing site is almost the size of Melbourne’s Docklands, and Hoffmann said that it was expected that the new homes would be ready for the market within 15 to 24 months.
Although the Werribee area has seen rapid urban sprawl into greenfield areas in recent years, one of the attractions of this particular site is that it is not saturated by new housing developments, according to Hoffmann.