Arcare snaps up Ringwood development site for $7.5 million

Local developer, Knowles Group/Arcare, has secured a vacant 5,680m²* development site in Ringwood, permitted for 25 townhouses within a General Residential zone.

Colliers agents Leon Ma and Joe Kairouz facilitated the sale at 313-317 Canterbury Road, Ringwood on a $1,320/m² land rate.

The vacant site occupies the prominent north-west corner of Canterbury Road and Wantirna Road, and is directly opposite Ringwood Public Golf Course and nearby Proclamation Park & Ringwood Athletic Club.

Colliers Manager of Development Site Sales, Joe Kairouz said, “The site generated significant market engagement, culminating in multiple offers, due to the promenance and scale of the corner landholding, favourable residential zoning, and certainty of a planning permit”.

“Furthermore, a genuine lack of competing development site opportunities in the suburban market meant buyers were committing more time and resources trying to secure these types of limited opportunities”.

“Competition was robust from an array of buyer types including traditional residential developers and social infrastructure developers such as childcare and retirement living” Mr Ma added.

Knowles Group CEO of Property, Mike Carnell said the aged care residence proposed for Ringwood would offer residents a lifestyle surrounded by parks, Eastland SC, restaurants, cafes, and public transport options.

“Knowles Group and it’s subsidiary Arcare Aged Care, is very pleased to have the opportunity to bring our quality aged care provision to the area”, said Mr Carnell. “After 25 years in the industry, Arcare is renowned for our continuity, beautiful building designs and our respect for individual uniqueness. We look forward to offering our services to the Ringwood community.”