The last piece of ISPT’s Pakenham Racecourse development ‘Ascot’ has been purchased by a renowned Melbourne developer for $7 million.
The 26.49 hectare parcel known as Ascot Central forms part of ISPT’s Ascot Estate – a master planned residential community encompassing a wetlands precinct, shared walking trails and bike paths.
The residential development, which comprises 475 lots, has been a highly successful development for ISPT, with 90% of the estate now sold.
CBRE’s Julian White, Justin Dowers and Mark Wizel negotiated the sale of Ascot Central to residential and mixed use developer, Oreana Property Group, after a competitive Expressions of Interest campaign.
Mr White said the sale formed the final piece of the successful redevelopment of the former racecourse site.
“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,” Mr White said.
“As median house prices continue to increase across suburban Melbourne, demand for development sites that cater for medium density townhouse product has steadily strengthened. We are typically seeing strong interest for sites that can provide scope for townhouses to be sold at approximately 80% of the median house price.”
Mr White said the mixed use potential of the site also generated significant interest from retail developers, who are increasingly partnering with tenants and buying development offerings.
“With a shortage of quality retail investment opportunities on the market, many retail investors are taking the initiative, buying land and looking to deliver the retail investment themselves,” Mr White explained.
The diverse spread of buyer interest in the Ascot asset highlights the continued appeal of Melbourne’s property market.
“With strong interest from both local and offshore buyers, this sale reinforces the diversity in assets that Asian investors and developers are seeking,” Mr White added.
Pakenham is located approximately 60km from the Melbourne CBD.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
