75 McCormacks Road, Clyde North, sold for circa $100m.
A patch of land in Melbourne’s southeast has doubled in price in less than five years with an incredible $100m sale.
The 40.9ha parcel at 75 McCormacks Road, Clyde North, recently changed hands for circa $100m, sources have confirmed.
The pricey sale comes just three months after Melbourne-based developers Sightstone settled on the block after purchasing it for $45.58m in 2017.
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The site at 75 McCormacks Road Clyde North when it last came to market in 2017.
It previously sold for just $450,000 in 2000, according to CoreLogic, to a local farming family who grazed cattle on the property before trading it in for mega millions.
The incoming buyer is believed to be Dahua Australia.
Core Projects’ Kane Malcomson and Chris Jabs, and Biggin & Scott Land’s Andrew Egen represented Sightstone.
The agents declined to comment on the deal, but Mr Malcomson said demand in the greenfield market remained strong, even throughout Victoria’s sixth lockdown.
“There is a significant amount of capital looking to be placed into very few available sites of quality, which is producing extremely competitive conditions,” Mr Malcomson and Mr Jabs said.
The land has been PSP approved and is expected to yield about 720 residential lots.
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The post Clyde North block doubles in price in five years with $100m sale appeared first on realestate.com.au.
A patch of land in Melbourne’s southeast has gained $50m at sale time just three months after the seller settled.
The post Clyde North block doubles in price in five years with $100m sale appeared first on realestate.com.au.