Receivers and managers for the owner of the Aitken Hill Conference Centre, have sold the 69ha property to listed Singaporean developer Ho Bee Land for $142m.
The Chinese based conglomerate, HNA Group, had been trying to offload the conference venue in the north-western Melbourne suburb of Craigieburn after paying around $100 million for it in November 2016.
Aitken Hill is in close proximity to Melbourne Airport and rail and road networks. It sits within the Craigieburn West Precinct Structure Plan. Constructed in the late 1980s, it features extensive five-star conference and events spaces, as well as sporting, leisure and hospitality facilities, and parking for 150 vehicles.
HNA expanded aggressively in the lead up to 2020 with global acquisitions topping $60 billion, spanning aviation, real estate, financial services, tourism and logistics. In late-2019, the group announced a reorganisation, dividing its businesses into airlines, aviation leasing and airports, and a “non-aviation asset management” unit.
The impacts from COVID changed everything for the Group with the government of Hainan province, where HNA is based, taking control of the group’s management in early 2020. PwC were appointed as receivers and managers for Zhong Ao Zhi Hong Investment Holding in 2021.
PWC appointed Biggin & Scott Land and CBRE to market the assets.
Ho Bee announced that Aitken Hill settlement is subject to the vendor satisfying specified conditions.
The acquisition by Ho Bee Land takes their total investment this year to $350 million includes a number of sites in Melbourne, Sydney and Brisbane. Last moth Ho Bee Land paid $115 million for three sites;
- Mickleham, Victoria – The 45.61 ha site located 25km north of the Melbourne CBD within the Craigieburn West Precinct Structure Plan (PSP) area and is expected to yield approximately 609 residential lots, a regional sports field and a government school.
- Park Ridge, Queensland – The 21.16 ha site located 35km south of the Brisbane CBD within the Logan growth area and is expected to yield approximately 284 residential lots and two commercial use parcels totaling 1.49 ha.
- Gympie, Queensland – The 11.36 ha site located 55km north of Noosa on the Sunshine Coast is expected to yield 133 residential lots.