Investa Property Group has secured a 142.50ha parcel of land at Diggers Rest, north-west of Melbourne, reflecting a vote of confidence in Melbourne’s land market. The land has a potential yield of over 1,400 residential lots plus two sites that would be suitable for retirement living and a neighbourhood activity centre. The land was purchased from the Dacakis family and will have an end value in excess of AU$250 million.
Commenting on the acquisition, Investa Land Group Executive Cameron Holt said “This acquisition represents a fantastic opportunity in a key growth-corridor in Melbourne’s north-west. Investa’s commitment to Diggers Rest supports the State Government’s AU$270 million commitment to electrify the Sunbury rail line and upgrade Diggers Rest Station, which will provide more than double the number of train services.”
“The acquisition signals that Investa is back in the market and is actively looking for opportunities. Investa has a strong record of delivering leading residential developments and we’re looking forward to what we can create here at Diggers Rest,” said Mr Holt.
Investa Land National Acquisitions Manager Chris Plant said “The acquisition is a great result after months of negotiation and collaboration with the vendor. The deal was finalised upon the site’s recent inclusion in Melbourne’s Urban Growth Boundary (UGB), which provides Investa with greater certainty from a planning point-of view.”
“Investa is currently working with the Growth Areas Authority (GAA) to formulate a Precinct Structure Plan for the area, which will involve engaging with the local residents to ensure that the site integrates within the local community. This will include access to local education, sporting and transport facilities,” said Mr Plant.
Investa Land is the land development arm of Investa Property Group and currently manages over 30 residential and industrial developments across Australia, totaling over 10,900 residential lots and over 790ha of industrial land.