A Chinese development company has purchased a 206-hectare property in Sunbury for $40 million with a view to building a new residential estate.
According to the Australian Financial Review, Shanghai Ceyuan Investment Management Centre and a Melbourne-based Chinese-born man Bill Dongbiao Zheng have snapped up the site at 725 Sunbury Road.
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The Carmody family sold the land through Melbourne-based company Sunbury Hills. The sale was conducted by Biggin & Scott Land with Deloitte Real Estate.
Metropolitan Planning Authority Steve Dunn told the AFR that the Metropolitan Planning Authority was planning a precinct structure plan, in consultation with the City of Hume, to "guide development of a new community in Sunbury South".
He told the newspaper that the community was envisaged to support around 10,000 housing lots and would include a town centre, two local centres and an industrial centre to support 6,800 jobs. There would also be land set aside for schools, parks and facilities.