Satterley Property Group has taken over sales and management of the Arena residential estate in Greenvale, Victoria.
Satterley purchased the 198 ha project from ASX-listed Peet Limited for $93.1 million, and settled the first instalment of $25m on 10 December 2015.
Unique in Victoria, Arena is set to feature a $9 million sports precinct five-times the size of the MCG. Launched in 2014, Arena is Greenvale’s premium master-planned community offering easy access to public transport, major arterial links, local amenities, retail and schools.
Satterley’s Victorian General Manager, Jack Hoffmann, said he was delighted to takeover at Arena and add the development to Satterley’s growing portfolio of quality, residential communities in Victoria.
“Arena is a fantastic acquisition for Satterley, and for the last four months we’ve been eagerly waiting to take over sales and management of the development," he said.
“Located in highly sought after Greenvale, and in close proximity to transport, schools, arterial transport and amenities, it’s a really exciting project that’s going to be very popular with purchasers.
“Taking over also confirms Satterley’s commitment to growing our market share in Victoria. With two projects in the north – Riverstone and Coburg Hill – close to trading out, Arena refreshes our development pipeline in the strategic Hume growth corridor."
Satterley’s market share in Victoria has tripled over the past two years, from 3 per cent of total residential land sales to over 10 per cent today. With Arena set to include a large display village, with 14 display homes showcasing Melbourne’s leading builders, Satterley’s local prominence is set to grow even further.
With Arena already trading, Mr Hoffmann moved to reassure existing purchasers of land at Arena, saying he looked forward to welcoming them to the Satterley company, which has delivered more than 150 residential projects and 60,000 home sites since 1980.