Sunkin Highett P/L, a company related to Melbourne-based Wolf and associated with Chaolong Developments, acquired the 9.34ha site from the CSIRO for $99m.
Positioned in the highly regarded suburb of Highett, adjacent to the Highett Road shopping village and surrounded by some of Melbourne’s most affluent suburbs, the infill development site provides Wolf with a significant townhouse site with over 5 developable hectares.
Wolf Group International is an Australian-owned Property Development company that works across residential, commercial, and mixed-use projects in Melbourne. The group have projects in Greenhills Park, Croydon, and Doncaster. It also owns The Quest on Williams.
As part of the sale process, the land was re-zoned to Residential Growth Zone with a Development Plan Overlay which sets aside 4 hectares of land to be transferred to Bayside Council for public open space and conservation. A Panel Hearing on the rezoning was completed in April 2020 and adopted in May.
Colliers marketed the property for the CSIRO under instruction from Urbis.
The former laboratory site was heavily contaminated with asbestos prior to the sale with the CSIRO having the pay close to $30m for remediation.
Last week the CSIRO committed to a new bespoke carbon-neutral facility of up to 18,000 m2 in Western Sydney and flagged the potential divestment of the CSIRO's Marsfield property. The 7.5ha hectare site is currently zoned `special purpose infrastructure’, a zoning which protects infrastructure from incompatible surrounding development.
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