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Oreana Property Group has snapped up a a substantial block in Melbourne’s western corridor as the demand for housing continues to drive the appetite for greenfield sites.
Covering 20.77ha, the site at 290 Hobbs Road, Wyndam Vale, which has Werribee River frontage, was acquired by Melbourne-based Oreana for $13.8 million via an expressions-of-interest campaign.
Wyndam Vale is 31km south-west of the Melbourne CBD.
Oreana Property was founded in 1999 by brothers Tony and Steven Sass with “a shared vision to transform Melbourne’s growth regions into great places to live”, according to its website.
The acquisition is the latest in the region as the drive to the Western growth corridor continues to grow.
The deal brokered by Fitzroys’ Brent Glassford and Marco Sandrin along with with Andrew Lepa from Oliver Hume.
“Material costs, labour shortages and barriers to funding have made construction of some projects more difficult, but the pending major boost to demand for housing makes this growth corridor site an attractive proposition,” Sandrin said.
“The market showed all the more confidence in the site given it is surrounded by developments by major developers including Stockland, Frasers Property, Villawood, Central Equity and Lotus Living,” Glassford said.
More than 50 local and international buyers indicated interest in the site.
The acquisition follows the recent agreement with Dennis Family Corporation to develop a 125ha parcel of land in the northern fringe of Donnybrook for a multi-use precinct for more than $700 million.
