78ha Development Precinct hits the Market

9 November 2021

A former Victorian horse stud with a rich history, offering a remarkable 78.76 hectare landholding within the Officer South Employment PSP, has just hit the market with price expectations exceeding $60 million.

A property steeped in history, renowned as being home to some of Australia’s famous racehorses, most notably Big Philou, winner of 1969 Caulfield Cup, trained by Bart Cummings. The property known as Jesmond Dene Stud, is set to shape Melbourne’s future growth and capitalise on the land market boom in a post pandemic setting.

Located at 425 Officer South Road, Officer South, VIC this generational 78.76ha landholding boasts 1,485 metre frontage* to Officer South and Patterson Roads and enjoys a central location bordering the Clyde North and Officer growth precincts.

On the opposite side of Cardinia Creek is Mirvac’s $1.5 billion* Smiths Lane project which is set to deliver a new town centre along with 3,600 homes.

For sale through Julian Heatherich, Benson Zhou and Colin Tarlamis of Savills Australia, the property is located in the highly sought after Southeast area of Melbourne. The municipalities of Cardinia and Casey are considered to be one of Australia’s biggest and most highly sought after growth areas.

According to Julian Heatherich, Director, CBD and Metropolitan Sales at Savills Australia, “Once a predominately farming area, Cardinia & Casey is being transformed by major population growth, driven by young families looking to secure property in what is regarded as one of Victoria’s best growth locations.

“Demand has seen record price growth in Lot sales in Officer and the surrounding growth areas of Clyde, Cranbourne and Pakenham” he said.

Some of Australia’s most noteworthy developers are undertaking major master planned communities within the area, including Mirvac, Stockland, Frasers, Dahua, Dennis Family and Satterley, plus many more – a testimony to the current and future growth of this precinct.

Benson Zhou, Director, CBD and Metropolitan Sales of Savills Australia said the current median house value in Officer is $709,960, represented a leap of 62% in five years.

“The Officer, Clyde and Clyde North precincts are set for some of Melbourne’s most aggressive growth in population and development in the coming 20 years with an increase of 96,000 people and 48,000 new homes.

“The property at 425 Officer South Road, Officer South is located in a high growth area that has been identified by the Victorian Government for the significant role it will play in the future growth and prosperity of the state of Victoria.”

The site benefits from close proximity to a host of new and future retail amenity, which is set to provide this booming location with a wide range of options. Both Lakeside and Arena Shopping Centres are within short driving distance of the property and are underpinned by a full line Woolworths Supermarkets. Further to this, the future Officer and Smiths Lane Town Centres are set to provide a range of brand new amenity to the local area.

Colin Tarlamis, Director, Industrial & Logistics of Savills Australia said the site is well-serviced by transport linkages with easy access from the site to the Princes Freeway.

“With an on and off ramp currently under construction for the South Officer Road and Princes Freeway intersection, the site will enjoy easy connectivity to Melbourne’s arterial road network”.

Mr Heatherich said that sites of this scale are such a rare commodity. “To acquire such a large portion of an area that is set to be one of the largest development precincts in Melbourne’s southeast in the future is something that developers and land bankers rarely have the opportunity to do.

“This is an opportunity that will define the future of Melbourne” he said.

425 Officer South Road, Officer South, VIC is For Sale by Expressions of Interest closing Friday 3 December at 2pm.