“We try to identify the more mature areas where there is already schools and public transport, as opposed to buying sites on the frontier,” Mr De Zylva said. He said Resolution’s strategy was acquire sites that were as infill as possible in established growth corridor areas, particularly in the south-east. “Melbourne is the engine room of the national land market, and we are confident about its prospects going forward,” he said. Mr De Zylva acknowledged the Melbourne land market, which boomed during the pandemic due to government stimulus and record low interest rates, was “at a different stage of the cycle”, but said there was still “underlying demand for quality projects”. “We are confident that this project, in one of Melbourne’s most in-demand greenfield markets, will perform well due to ongoing population growth in Melbourne’s south-east, limited supply of housing and the already established amenity,” he said. While a greenfield land parcel, Monark CEO Michael Kark, said the Cranbourne West site was “like an infill site” given the surrounding existing amenity. These homes will also be carbon zero (meaning they emit no net carbon dioxide once completed) and use only electric power as part of plans to achieve “high sustainability benchmarks”. Mr De Zylva said Resolution intended to partner with five to eight select project builders to ensure homes on the estate achieve a minimum 7-Star (out of 10) rating under the National Home Energy Rating Scheme (NatHERS). In selling the site which forms part of a larger 31 ha landholding, the NRCLV said it was seeking a buyer committed to “maximising sustainability outcomes”. Monark and Resolution acquired the site for almost $20 million from the not-for-profit Natural Resources Conservation League of Victoria (the successor to the Save the Forests Campaign) in a deal brokered by Andrew Egan and Frank Nagle of B&S Land. Planning approval secured last month from the City of Casey will allow for the development of 181 homes and 2 ha of wetlands on the 950 Western Port Highway site, which lies about 40 km south-east from the Melbourne CBD. “This the first of a number of sites ,” he told The Australian Financial Review. Mr De Zylva said Resolution had a long-standing relationship with Monark and the Liberman family and that there were “other acquisitions in train”. Resolution Property and Monark paid about $20m for the Cranbourne West site next door to Ranfurlie Golf Course The greenfield project to be delivered on a 9.2ha site next door to the Ranfurlie Golf Course in Cranbourne West, is the first joint venture between Monark and Resolution Property Group headed by Jeremy De Zylva and Frazer East. Monark Property Partners, the real estate financier backed by Melbourne’s ultra-wealthy Liberman family, has invested in an $80 million housing estate in the city’s south-east that will emit no carbon and be powered only by electricity.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |