Land ready to be developed into the new Clyde Town Centre is now for sale by Burbank Group’s National Pacific Properties (NPP).
It is believed the price expectation is north of $60 million.
NPP general manager Tom Trevaskis said NPP had maximised the value of the land by securing planning approvals and bringing services to the land.
“This is a unique opportunity. Very rarely do sites like this go on the market, even rarer with approvals in place,’’ Mr Trevaskis said.
“With the strength of sales being experienced in the Clyde/Cranbourne/Berwick region we feel now is the right time to capitalise on this demand.’’
The 26.23 hectare Clyde site on the market is the second largest retail centre in Melbourne land use planning and has been identified as a major activity centre under the planning scheme with “as of right” retail floor space of 40,000m2- 50,000m2 and an additional 40,000-50,000m2 of commercial office space approved under the Urban Development Framework.
The Casey corridor has benefited from strong underlying demand and relatively constrained future land supply.
The Casey corridor residential trading volumes is up 70 per cent up year on year and contributed about one-third of Melbourne’s total greenfield land sales over the past year.
The accelerated development of adjoining land provides a ready-made retail catchment for this Town Centre.
The site is next to the future Clyde Train Station and adjoins NPP’s Eliston Project and nearby to NPP’s Hartleigh and Bella projects.
NPP expects the public sale process to start in early October and close before the end of this calendar year.
The sale process comes weeks after National Pacific Properties bought more than 28 hectares of land for 500 homes in the new Melbourne suburb of Pakenham East.
“We are focused on ramping up our real estate development business and it is not on strategy to develop and hold retail centres,’’ Mr Trevaskis said.
