Burbank Group’s National Pacific Properties has sealed a major deal to purchase more than 28 hectares of land for 500 homes in the new Melbourne suburb of Pakenham East.
The rezoned former farmland in the booming South-East greenfield growth corridor 60km from the centre of Melbourne will become a new housing estate.
90 Mount Ararat South Rd was one of the last opportunities to obtain large land in the Pakenham East Precinct Structure Plan which was approved earlier this year.
National Pacific Properties is ramping up its real estate development business to take advantage of strong demand for land for quality and affordable homes.
NPP General Manager Tom Trevaskis said the land was perfectly positioned directly to the south of the PSP’s future Town Centre and next to a planned school, a new sporting reserve and close to the future Pakenham Train Station.
NPP expects to be in the market selling the land within 12 months.
“This exciting purchase is aligned with our NPP growth strategy to acquire new sites in greenfield locations in Melbourne,’’ Mr Trevaskis said.
“This deal replenishes our land supply off the back of the success of Hartleigh which is almost fully sold out, Bella which is nearly 70 per cent sold almost 12 months ahead of schedule, and Eliston where we have sold all our traditional detached housing product and now moving into East Quarter.
“We are very positive about the residential outlook in Melbourne and particularly the South-East which has seen strong demand particularly over the last 12 months and limited land supply.”
The transaction was negotiated by Core Projects’ Land Team.
“The transaction is fantastic outcome for both our clients and NPP. Our team look forward to seeing another exceptional NPP residential community come to life,’’ said Kane Malcomson of Core Projects.
