A 56-hectare farm in Wollert, Victoria has reportedly been bought by Chinese developer Dahua Group for more than $70 million.
The property, Kilarnie Farm, was acquired by Victorian developer Greencor for about $26 million in 2012. Kilarnie Farm is located about 24 kilometres north of Melbourne and features more than 1.5 kilometres of street frontage to main thoroughfares of the Hume Highway, Epping Road and Bodycoats Road.
The property was marketed by Core Projects as a "last remaining opportunity to purchase a gazetted master-planned community in Melbourne’s northern growth corridor.”
The site was marketed as a development opportunity for 827-924 residential lots.
[Related reading: The Dahua Group's William Huang on Opportunities in the Australia Market and their $4 billion Development Pipeline]Last year the Dahua Group paid $360 million for three adjoining development sites covering a size of over 180 hectares in Point Cook in Melbourne’s west. The company is also behind the Hawthorn Park project, in Hawthorn East on Camberwell Road, which is designed by Rothelowman, and will be the largest development within the City of Boroondara LGA upon completion comprising four buildings on a 1.2 hectare site.
Dahua Group, one of China’s 50 largest developers, is chaired by Shanghai-based property developer and investor Jin Huiming, who has an estimated wealth of $1.4 billion according to Forbes.
Incorporated in 1988 in Shanghai, Dahua Group commenced as a diversified property development and real estate company with the intention to provide a complete property solution. In 2014, the company entered the Australian marketplace to grow its international presence. Dahua has successfully completed projects in both Sydney and Melbourne.