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Sunland Group (ASX: SDG) has snapped up a prime site south-east of the Melbourne CBD, earmarking the location for a development end-valued at $100 million.
The Gold Coast property developer acquired the 5.1-hectare site in Carrum Downs for $13 million and unveiled plans to turn the area into a community comprised of 185 terrace homes.
Managing director Sahba Abedian says the acquisition is a coup for his company which is currently bolstering its presence in the Melbourne market.
"Carrum Downs is an established suburb close to local beaches, schools, retail and transport, and remains an affordable corridor in Melbourne's growing south-east," says Abedian.
"We see great opportunity to deliver a design-driven, medium density development of three and four-bedroom homes, enhanced by community parks and green spaces, and connectivity to its established surrounds."
The acquisition comes less than a week after Sunland bought a $13.1 million site at Kenmore in Brisbane with an estimated end value of $65 million.
The Carrum Downs land is zoned for general residential development with an existing plan overlay, however Abedian says Sunland intends to lodge its own development application in the second half of 2018.
The site is located not far from the Dandenong Valley Highway and Eastlink, as well as the Franskton Waterfront and Seaford Foreshore.
The transaction is expected to settle in December this year, joining Sunland's existing portfolio of Victorian assets including The Gardens at Chirnside Park and the medium-density Carre Residences community at Springvale.
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