National Pacific Properties has sold a town centre development site in Melbourne’s outer suburb of Clyde to an interstate developer for $67.65 million.
The Clyde major town centre site is a 26.23ha landholding at 1625 Ballarto Road, Clyde – about 48km southeast of the Melbourne CBD.
The development is likely to be a multi-supermarket shopping centre with surrounding supportive commercial and retail uses.
The sale price represented $257 per sqm and sold on an unconditional basis after a competitive campaign with 11 registered offers and enquiries from 150 groups.
Clyde is located in Melbourne’s highly popular south-eastern growth corridor in the City of Casey.
The expression of interest campaign was undertaken by Peter Sagar and Paul Callanan of LAWD, along with Justin Dowers and Julian White of Stonebridge Property Group.
“The engagement in this site was representative of the increased demand and pricing witnessed on retail investment assets over the past 24 months as yields have compressed on retail investments, we are seeing more buyers wanting to get involved in the development phase, in order to create more value in the deal, rather than simply purchasing the investment product,” said Stonebridge Partner Justin Dowers.
LAWD Senior Director Peter Sagar said unprecedented demand for housing in the southeast growth corridor would underpin demand for large scale retail and mixed-use opportunities.
“The sale of the Clyde major town centre site follows on from a number of other significant land transactions in recent months and further demonstrates the appetite for large scale development opportunities particularly in supply constrained growth corridors,” Sagar said.
Recent development deals include Mirvac’s acquisition of an 80ha parcel of zoned land in Cobbitty, NSW to develop into a masterplanned neighbourhood last week.
Developer Peet purchased about 15 hectares of land in Belconnen in the ACT from the University of Canberra for circa $67 million, while Singapore-listed Keppel REIT bought a grade-A office development in North Sydney for $327.7 million.
Last month, a new Bunnings store under construction in Queensland’s Hervey Bay sold for $58.6 million, setting a new national yield record of 4% for the hardware retail chain.
