A collection of sites in the Cranbourne precinct which forms part of the Devon Meadows PSP has been acquired by MAP Corp for $37m.
The properties, which are approximately 50km south east of Melbourne’s CBD, are located on Craig and Devon Roads near the South Gippsland Highway. The acquisition involves five separate parcels totalling 36.85ha, all of which are currently zoned for farming however will one day form part of a new residential suburb called Devon Meadows.
MAB Corp has negotiated a six-year settlement term with the vendors, which include The Donnelly Group and Ralph and Rosetta Pascuzzi, directors of Pascuzzi Construction. During this period, MAB Corp hope that the the rezoning to residential uses could be achieved.
MAB Corp's David Hall said they valued getting involved in the early stages of growth area planning in order to help develop a masterplan and draw on their strategic planning experience. MAB Corp’s other Melbourne residential projects include the $2.5 billion NewQuay development at Docklands, the $1 billion University Hill mixed-use precinct in Bundoora in the city’s northern suburbs and the 900 hectare Merrifield Estate in Mickleham which has another five to 10 years to run.
The Devon Meadows site is near to two other housing estates being developed by Peet – Summer Hill and Acacia at Botanic Ridge.
The site sale was managed by Colliers.
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