Frasers Property to turn sheep farm into A$440m project

Frasers Property Australia, a unit of Singapore-listed Frasers Centrepoint, has purchased a 115ha site in Wyndham Vale for a A$440 million (S$470 million) mixed-use community...

The 115ha site could yield about 1,200 residential units and more than 20,000 sq m of retail facilities.

Frasers Property Australia, a unit of Singapore-listed Frasers Centrepoint, has purchased a 115ha site in Wyndham Vale for a A$440 million (S$470 million) mixed-use community.

Citing industry sources, The Sydney Morning Herald reported that Frasers Property acquired the sheep farm from a Melbourne couple for around A$95 million (S$101.5 million).

“With the encroachment of suburbia, they’ve hit the jackpot,” said Savills Australia agent Clinton Baxter, who negotiated the transaction with colleague Julian Heatherich.

Located at 974 Black Forest Road, Wyndham Vale, in Melbourne’s West, the site could yield approximately 1,200 residential lots and more than 20,000 sq m of retail facilities.

It is situated next to a proposed train station, enabling Frasers Property to integrate the development with transport infrastructure to provide connectivity and convenience.

“Ultimately, more than 3,300 people will call this new community home over the next eight years, and we’ll be using our expertise in developing sustainable mixed-use communities to leave a positive legacy in the area well beyond that,” said Anthony Boyd, Executive General Manager Residential for Frasers Property.

With an approved precinct structure plan in place, Frasers Property expects the first lots at Wyndham Vale to be launched from early 2018 pending further planning approvals. The company expects site works to commence shortly thereafter.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg