Melbourne, 13 April 2016 - Prominent Melbourne-based developer Hudson Conway has appointed CBRE to sell its Somerset Rise project, with offers expected to exceed $10 million.
The strategic land holding has been developed over the past few years into a leading development for house and land buyers, underpinned by its strategic location just minutes from the Albury Airport and some of the best educational facilities the region has to offer.
CBRE Senior Director Mark Wizel, who is acting on behalf of the Williams family, said the site provided a significant opportunity in the regional market.
"We are highly confident in the interest that will be received from a range of locally based developers, as well as those based in South Australia, Victoria and greater New South Wales," Mr Wizel said.
Spanning approximately 42 hectares, the project has already delivered 76 houses across stages one, two and three.
"There are 51 lots ready to be sold or developed as well as 288 undeveloped lots in future stages. We are selling the project as a whole, with the savvy future buyer to gain benefit from the enormous amount of work completed by the vendors to date," said Mr Wizel.
Somerset Rise has proven a popular choice for families in the area, with the average block over the past 18 months selling for around $132,500.
"We feel the estate represents great value, particularly with the burgeoning location which is surrounded by extensive infrastructure in terms of retail amenity, educational institutions and quality linkages to a range of transport," Mr Wizel added.
Hudson Conway has decided to exit the project to focus on larger scale projects closer to its base in Melbourne.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.