Satterley adds to Vic land bank

Satterley Property Group has made its second Victorian acquisition in the past three months, acquiring a 68-hectare residential estate in Melbourne’s Donnybrook for $34 million.

The project will comprise a mix of house-and-land packages, as well as townhouses, while it will replace Satterley’s Riverstone at Plenty River Estate, which is close to selling out.

More than 1,000 lots are expected to be available for sale in the 2018-19 financial year.

Satterley chief executive Nigel Satterley said the acquisition showed the developer’s commitment to expanding its business in Melbourne’s land market.

“There is still good demand for housing in Melbourne and land is becoming scarce,” he said.

The deal follows Satterley spending $100 million on a 214ha estate in Mickleham at the beginning of June, and is also the developer’s fourth Melbourne acquisition in two years.

Satterley Property Group now has eight estates in Melbourne.