02/06/2016 - 14:50

Satterley buys $100m of land in Melbourne

02/06/2016 - 14:50

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Satterley Property Group will build its largest residential estate in Victoria after purchasing 214 hectares of land in a deal believed to be worth $100 million.

Satterley buys $100m of land in Melbourne
Perth-based land developer Nigel Satterley.

Satterley Property Group will build its largest residential estate in Victoria after purchasing 214 hectares of land in a deal believed to be worth $100 million.

Perth-based Satterley, which is owned by prominent land developer Nigel Satterley, plans to build a mix of houses and medium-density sites, as well as a town centre, wetlands and a large central park on the parcel of land.

Mr Satterley said the land would allow for about 2,300 lots.

The land is located in Mickleham, and will be Satterley’s fourth residential estate in Melbourne’s northern suburbs.

“Adding two new projects in the strategic Hume growth corridor has refreshed the development pipeline for Satterley in the north, which puts the business in a strong position for future growth,” Mr Satterley said.

The company expects to begin construction and sales by mid-next year.

Mr Satterley is also currently undertaking due diligence on a 135ha parcel of land near Caroline Springs, which has a $70 million price tag.

The sale was managed by Biggin & Scott Lands.

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