The former home to the Fyansford Silo's has sold to a Melbourne based development group for $11,000,000 after an extremely competitive EOI campaign.
The prized hilltop landholding spanned 28,786 sqm and was offered to the market by Gross Waddell ICR's Danny Clark, Alex Ham and Andrew Greenway, with Charter Keck Cramer acting as Transaction Advisor. The property was owned by Adelaide Brighton Cement Ltd, an Adbri company, traded from the site from 1993 to 2001, with the site’s connection to cement manufacturing spanning back to 1916.
The property offered significant development flexibility with many developers seeking to develop either townhouses, house and land or retirement living. The campaign generated significant exposure with over 140 enquiries and many offers via local Geelong developers, Melbourne developers and offshore backed developers.
Mr Clark said "Given Geelong is identified as one of Australia's hottest housing markets, the buyer competition was fierce with multiple buyers vying for the final position. The eventual purchaser being a Melbourne based develop, Base Group, who also recently purchased another townhouse project in Werribee.”
“Whilst the property presented some unique challenges for buyers, the picturesque location and the soaring prices being achieved within the neighbouring Gen Fyansford housing estate ensured developers could achieve a favourable development outcome on the site and create a world class infill project" said Mr Ham
Mr Greenway added "As the site offering just over 2 ha of developable area, achieving a land rate of $382 is testament to developers ongoing demand for premium infill development opportunities. The market is presently starved of opportunities in Melbourne; therefore, buyers are prepared to seek out opportunities further afield".
Mr Clark said "This sale follows shortly after Gross Waddell ICR sold another townhouse development within Gens Fyansford on behalf of ICD Property and Superlai. That property sold for close to $400 per sqm to another known Melbourne developer".
