THE OREANA Property Group has bought the last slice of ISPT's Pakenham Racecourse development in Melbourne for $7 million, following a heated expressions of interest campaign.
Oreana secured the 25.48 hectare Ascot Central site in the sale, a development consisting of 475 residential lots.
Ascot Central forms a primary hub for the greater Ascot Estate community, as it sits within a master-planned precinct surrounded by wetlands, walking trails and bike path developments.
CBRE's Julian White, co-negotiator of the sale alongside Justin Dowers and Mark Wizel, says a host of potential buyers were quick off the mark to enquire about the site's multi-use potential.
"Centrally located in the heart of the Ascot development, this site attracted more than 100 enquiries from a spread of prospective buyers keen to capitalise on its potential for retail, medical, entertainment or residential use," says White.
He noted that the sale was in line with current demand for medium density townhouse developments, both from local and offshore parties.
"As median house prices continue to increase across suburban Melbourne, demand for development sites that cater for medium density townhouse product has steadily strengthened," says White.
"We are typically seeing strong interest for sites that can provide scope for townhouses to be sold at approximately 80 per cent of the median house price.
"With strong interest from both local and offshore buyers, this sale reinforces the diversity in assets that Asian investors and developers are seeking."
Oreana's Ascot Central site is proving itself a market gem, with 90 per cent of the estate already sold off.
The suburban development lies approximately 60km from Melbourne's CBD.
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