Image: Growland CEO Stephen Yau with Poly Australia’s Yuan Tao
Global developer, Poly Australia, in a joint venture with Melbourne based developer, Growland, announced the acquisition of a 4,300 square metre development site in the south-east Melbourne suburb of Highett, five kilometres from Port Phillip Bay.
The site encompasses the properties at 1233-1237 Nepean Highway, as well as 60-64 Mathieson Street. It is positioned on a prominent corner location, adjacent to the Westfield Southland Shopping Centre and within a half-hour drive of the Melbourne CBD.
The site was acquired for $15.65 million under the joint venture, with Poly owning a 60 percent share.
Poly Australia Marketing Director Yuan Tao said the acquisition of the site reflects Poly’s broader ambition to expand further into the Melbourne apartment market.
“The project will offer residents access to a wealth of local amenity including parklands, golf clubs and education facilities and is conveniently located within close proximity to both Highett and Cheltenham Railway Stations as well major bus routes on the Nepean Highway," Mr Tao said.
With Westfield Southland Shopping Centre located directly adjacent to the site, the developers are confident of the project being attractive to home owners and investors.
It is also within close proximity to a number of Melbourne’s leading schools including St Agnes Primary School, Sandringham East Primary School as well as the Sandringham Private Kindergarten.
Golf enthusiasts and nature lovers are well taken care of with four major golf courses nearby including Victoria Golf Club, Cheltenham Golf Club, Sandringham Golf Course and the Royal Melbourne Golf Club.
The project is strategically located within the Cheltenham-Southland Principal Activity Centre, one of the most important activity centres identified to accommodate the growth of Melbourne. Under the Plan Melbourne hierarchy, the designated Cheltenham-Southland Principal Activity Centre will accommodate between 9,000 and 11,500 apartments and semi-attached dwellings by 2031.
The venture's hopes are for Highett will be one of the first major developments within the Principal Activity Centre and will deliver domestic and internationally recognised living spaces of the highest standard.