Central Equity has spent $98 million on a property in Tarneit with the development potential for about 1500 lots, according to The Australian Financial Review.
The paper reported that company had purchased the 105-hectare property on the corner of Sayers and Davis roads, west of Melbourne, for approximately $1 million a hectare.
The sale was negotiated by Rudy Kelemen of Kelemen Commercial on behalf of the private vendor Angelo Di Dio.
The AFR stated that other developers with land projects in Tarneit included Stockland, Satterley Property Group and Latitutde Real Estate. Developer PEET also paid $90 million late last year for a 123-hectare property in the suburb with a permit for 1,500 lots.
Image: Tarneit is one of Melbourne's fast-growing suburbs with a range of amenities.