Villawood Properties will outlay close to $180m for 2 of Central Equity's estates in Victoria.
The two estates, Waterbird Estate and Newgate Estate in Tarneit will provide Villawood access to over 114 hectares of land and approximately 2,000 residential lots.
Central Equity manager of land development Paul Möller said the group was selling the property to recycle capital into other parts of Melbourne. Waterbird Estate was listed for sale via Biggins & Scott in May.
The estate has approvals in place for 75% of the property with detailed designs being completed for the balance. The Newgate estate adjoins the Waterbird estate where design and development will progress at a later stage.
Both estates are opposite The Grove, a project initiated by Stockland but sold to Frasers in November 2019 for $202m. That project comprised 2,500 home sites, of which approximately 880 had settled and 1,620 were yet to be developed.
From modest beginnings in 1989 developing small subdivisions in Bendigo, the Group has expanded to become one of Australia’s most-trusted residential land developers with 28 estates currently in various stages of development across Melbourne and Brisbane.
Villawood operate another estate, Albright in Doherty's Rd, a boutique community of approximately 500-lots.
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