One of New Zealand's largest retirement village operators Summerset Group Holdings is expanding to Australia after securing a Melbourne development.
CBRE negotiated the sale of the 79,920sqm Cranbourne North allotment, which had been in the same family ownership since 1898.
Located opposite Springhill Shopping Centre, the 1435 Thompsons Road property changed hands after a public Expressions of Interest campaign steered by CBRE’s Julian White, David Minty and Chao Zhang.
Listed on both the Australian Stock Exchange and the New Zealand Exchange, Summerset has 19 villages operating, with about 5300 residents, in addition to nine villages under development and 10 proposed.
“This is one of the largest suburban infill development site deals to transact in Melbourne this year and represents the largest infill residential development site transaction in Cranbourne North,” Mr White said.
“Interest in the site, particularly from townhouse developers, reflects a positive shift and increased confidence in the residential pre-sales market. Residential housing clearance rates have exceeded 70% in Melbourne since the May federal election and an increasing volume of auction sales has further underpinned developer confidence.”
CBRE’s Mr Minty added; “Home lending in July increased 5.1% which was the largest monthly increase in over four years, demonstrating that more residential buyers are entering the market seeking new and existing.”
The 1435 Thompsons Road infill property is predominantly zoned General Residential.
Mr White noted that there was only a limited supply of development land remaining in the Cranbourne region, which had experienced sustained growth over the past two decades.
“This has led to the City of Casey becoming the 4th largest population growth municipality in Australia, and had made infill parcels like this, so close to retail amenity, highly appealing to meet the population growth demands,” Mr White said.
In addition to Springhill Shopping Centre (comprising Coles plus 16 shops) the Thompsons Road site is within walking distance of surrounding amenity such as Carlisle Primary School, Carlisle Sporting Grounds and an early learning centre.
CBRE negotiated the sale of the 79,920sqm Cranbourne North allotment, which had been in the same family ownership since 1898.
Located opposite Springhill Shopping Centre, the 1435 Thompsons Road property changed hands after a public Expressions of Interest campaign steered by CBRE’s Julian White, David Minty and Chao Zhang.
Listed on both the Australian Stock Exchange and the New Zealand Exchange, Summerset has 19 villages operating, with about 5300 residents, in addition to nine villages under development and 10 proposed.
“This is one of the largest suburban infill development site deals to transact in Melbourne this year and represents the largest infill residential development site transaction in Cranbourne North,” Mr White said.
“Interest in the site, particularly from townhouse developers, reflects a positive shift and increased confidence in the residential pre-sales market. Residential housing clearance rates have exceeded 70% in Melbourne since the May federal election and an increasing volume of auction sales has further underpinned developer confidence.”
CBRE’s Mr Minty added; “Home lending in July increased 5.1% which was the largest monthly increase in over four years, demonstrating that more residential buyers are entering the market seeking new and existing.”
The 1435 Thompsons Road infill property is predominantly zoned General Residential.
Mr White noted that there was only a limited supply of development land remaining in the Cranbourne region, which had experienced sustained growth over the past two decades.
“This has led to the City of Casey becoming the 4th largest population growth municipality in Australia, and had made infill parcels like this, so close to retail amenity, highly appealing to meet the population growth demands,” Mr White said.
In addition to Springhill Shopping Centre (comprising Coles plus 16 shops) the Thompsons Road site is within walking distance of surrounding amenity such as Carlisle Primary School, Carlisle Sporting Grounds and an early learning centre.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
