By XAVIER SMERDON
ANOTHER 2000 homes will pop up in Point Cook after a Perth developer spent $100 million to snatch up a 125 hectare parcel of land.
The Satterly Property Group announced last week that it was the successful bidder for the State Government-owned site at Hacketts Rd in Point Cook.
According to the company, the purchase was part of a plan to secure 10 per cent of the Melbourne residential new house and land market.
Satterley Property Group chief executive, Nigel Satterley, said it was a sensible, timely purchase for his company.
“This is quality land in the third fastest growing growth corridor in Australia,” Mr Satterly said.
“This site is close to three or four important employment areas, and has quick and easy access to the Melbourne CBD via Princes Freeway. It is neighbouring high quality established residential family homes and is well serviced by shopping, medical, schools and public transport.
“The land is one of the few remaining quality parcels of land in the Melbourne urban growth boundary and we are very pleased to have secured it.”
Mr Satterley said blocks at the site would be ready for market within two years.
“We believe the house and land package market in Melbourne is close to the bottom of the cycle and by the time this land is released, sales activity would have picked up,” he said.
“As the Melbourne market normalises we will be hoping to take a larger slice of it.”
The Satterley Property Group’s successful bid was backed by a syndicate of Perth business people.
“Our existing Melbourne developments make up around 10 per cent of the company. When Point Cook is released to market, our Melbourne enterprise will comprise around 30 per cent of our company,” Mr Satterly said.
When complete the Point Cook community will include 1800 to 2000 homes with house and land packages expected to range from $365,000 to $550,000.
Construction of civil works will begin by October 2014.
