Developer 888 Property Group has acquired two key sites in one of Melbourne’s prime growth corridors.
The sites, at Bonnie Brook and Truganina, sold for a total of $200 million.
A 48ha site at 562-600 Leakes Road, Bonnie Brook, 40km north-west of the CBD, was acquired for $100 million—888 Property expects to deliver up to 1000 homes on the holding.
It is currently part of the Warrensbrook Precinct Structure Plan in the Melton region near Caroline Springs, Mount Atkinson and Woodlea.
The other site of 42ha at 687 Hopkins Road, Truganina, was also acquired for $100 million, in an off-market deal, and is earmarked for an industrial development.
It is part of the Chartwell East Precinct Structure Plan and is expected to be rezoned. The site is about 22km west of the city centre.
“This acquisition is a vital opportunity to address critical supply shortages in Melbourne’s industrial market,” 888 Property Group managing director Mike King, a former VicUrban development director, said of the latter.
“The Truganina site will deliver a much-needed industrial hub to support the growth of Melbourne’s west, in line with the local Structure Plan.”
The acquisitions marked a change for 888 Property Group, King said.
“For 888, the past 13 years has been spent acquiring strategic land holdings around metropolitan Melbourne and delivering planning and rezoning outcomes before divesting them and moving forward with further acquisitions.” King said.
“It is now 888’s intention, having achieved significant financial growth, to deliver both strategic acquisitions in Melbourne’s west.”
