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285 Patullos Road, LARA

A circa 80-hectare site in Lara with potential for more than 900 residential lots is the latest major landholding in Melbourne offered to the market, just as Stockland snapped up a second site for $75 million.

The 285 Patullos Road site between Geelong and Melbourne forms part of the Lara West region, which is expected to accommodate around 11,000 residents as part of the Greater Geelong Planning Scheme.

Amendment C246 was initially approved and gazetted in February 2014.

The site is located around 12 kilometres inland from Avalon Airport and 65 kilometres south-west of Melbourne.

Andrew Thorburn and Andew Waddell of Gross Waddell and Simon Jarman from Darcy Jarman are marketing the property via expressions of interest.

The offering comes hot on the heels of substantial land transactions in Melbourne’s urban growth corridors in recent weeks.

Yesterday Stockland acquired a 77-hectare at 1780 Mickleham Rd in Craigieburn, adjacent its $2 billion Highlands community from the Cicerale family for $75 million. This latest deal comes hot on the heels of its acquisition of a 11.5-hectare Braybrook property with approval for up to 422 townhouses for $62 million.

Last month Central Equity acquired a 184-hectare Tarneit site, 25km west of the CBD for $180 million, after it acquired the initial 105 hectares last year for $98 million.

Late last year a private family cashed in on the strong development market conditions, netting a tidy $95 million from their Wyndham Vale Site to Frasers Property, which plans to develop a $440 million mixed-use community with 1,200 residential lots and more than 20,000sqm of retail space.

The last 12 months has also seen a 103-hectare farm in the western growth suburb of Point Cook sell for circa $100 million, and Chinese developer New Sky Group acquire another Tarneit site, at 64 hectares, for $60 million.

Australian Property Journal