A 46-hectare parcel of land in Pakenham has been snapped up by a Gold Coast-based development group.
Baycrown will join the list of major residential builders and developers with projects in the Cardinia-Casey growth corridor after paying $24 million for the site on the corner of the Princes Highway and Thewlis Road.
The land, which will be known as Worthington Estate, is expected to provide about 430 residential lots.
The estate is also expected to have extensive open space, a primary school, community centre, local convenience centre and a number of parks.
The land is bounded by the Princes Highway to the south, Thewlis Road to the east, Peck Road to the north and rural farmland to the west. It has frontage of about 530 metres to the Princes Highway and 792 metres to Thewlis Road.
Cardinia Shire Council approved the Worthington Development Plan last September and the planning permit for the first five stages is now in the final stages of approval.
Central Equity acquired the land, formerly farmland and a thoroughbred horse stud, about five years ago.
Agents DTZ and Colliers International put the land on the market on behalf of the Central Equity group which resolved to sell the site to concentrate on a number of projects near Melbourne’s CBD.
DTZ selling agent Ken Smirk said there was a lot to like about the parcel of land in the growth corridor.
“The sale price of $24 million is in line with our expectations and with all of Australia’s major residential developers and builders represented nearby in the Pakenham-Officer corridor, the forecasts of exceptional residential and community growth in the Casey-Cardinia corridor remain significantly above the State average,” he said.
The 430 residential lots could be available for sale as early as September.
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