LAWD appointed to sell major Melbourne development site portfolio
The Catholic Archdiocese of Melbourne has appointed agents LAWD to manage a portfolio of three infill development sites located within metropolitan Melbourne with price expectations of up to $20 million.
The sites in Point Cook, Lynbrook and Carrum Downs range in size from 0.65ha to 1.82 hectares and are zoned for residential use. The property at 42 and 44-50 Hall Road, Carrum Downs is a prime residential development site with a permit approval pending for 59 townhouses.
It is expected the sites will appeal to residential subdivision and townhouse developers, as well as childcare, medical and aged care developers and operators.
LAWD has been appointed to market the portfolio with the ability for buyers to purchase individual lots, any combination of lots, or all three properties in-one-line.
A spokesman for the Catholic Archdiocese of Melbourne said “the sale process was an important divestment strategy to realise real estate assets that are no longer required. Proceeds from the sales will be reinvested to support the new missional footing initiated by Archbishop Comensoli in 2019.
Peter Sagar, Paul Callanan and Darcy Tobin of LAWD will manage the sale program on behalf of the Melbourne Archdiocese.
"The current market for quality real estate in prime locations remains incredibly strong. The location of these assets, combined with the current demand being experienced in the townhouse and childcare markets in particular mean that these sites will be highly sought after” said agent Peter Sagar.
Paul Callanan added “Overlaying government stimulus on top of the current low interest rate environment, where there is unprecedented demand for residential and non-residential opportunities, we expect significant interest in this portfolio. There is a scarcity of high-quality infill development opportunities in the market and developers will see this as a key business critical opportunity to replenish future pipeline”.
The properties will be marketed for sale via an Expressions of Interest campaign closing Wednesday 21 July 2021 at 3pm.
The property addresses are as follows:
- 80 Carrick Street Point Cook
- 42 & 44-50 Hall Road, Carrum Downs
- 122S Patterson Drive, Lynbrook