A private developer has fought off 13 other bidders to secure an 11.37ha site at 195-205 Vineyard Road, Sunbury, paying $14,550,000.
Stonebridge Property Group’s Julian White, Dylan Kilner and Chao Zhang marketed the property for sale on behalf of a private syndicate that has owned the property since 2003, paying $391,000 for the property at the time.
Contained within the Sunbury South PSP, the property is expected to deliver somewhere between 163 and 190 lots.
Julian White Partner at Stonebridge commented that the campaign was very well participated. “To receive a total of 14 offers, and then four unconditional offers on contract at the end of the campaign, was a clear sign of the intent in the market at present to secure sites suitable for housing in the future”.
Chao Zhang, Director of Stonebridge Property Group’s Asia Practice highlighted the level of Asian engagement in the campaign “Over half of the bids were from Asian investors/developers, a number who have not yet acquired greenfield land. We are receiving increased levels of demand from the Asian market in the greenfield space.
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