Cranbourne Gardens: the final spot for residential development in a one of Melbourne’s fastest growing suburbs
One of the last undeveloped pieces in one of Melbourne’s fastest growing suburbs is up for grabs — and its price is only rising.
South East
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A major parcel of land close to a popular golf course has gone on sale in Cranbourne.
Listed by Stonebridge Property Group and LAWD, Cranbourne Gardens at 860 Ballarto Rd in Botanic Ridge is a 20.89ha opportunity for residential or aged care development.
Surrounded by other successful estates, including the Brampton, Acacia and Illawarra estates, Cranbourne Gardens is a rare opportunity for developers according to Stonebridge agent Dylan Kilner.
“Opportunities like this don’t often come up, especially with the size of the land,” he said.
“Local town planners and the council have supported the land to hold 340 residential lots
“There are a number of residential and aged care groups already looking at the site, and the future value is estimated at $80m.”
Mr Kilner said the site was a “no-brainer” for developers, due to Cranbourne Gardens already having direct access to a “wide range of retail and education amenities”, including Cranbourne Park Shopping Centre, Woolworths and Cranbourne West Secondary College.
“The key difference here is that there is already infrastructure,” he said.
“The shopping centres are already built, the racecourse is there, so a residential development would already have surrounding community services ready to go.”
Casey has one of the fastest growing populations in the country, with an estimated 132 per cent growth rate between now and 2041.
With the combination of a number of successful developers already invested in the area, including Brown Property Group, Peet and Wolfdene, alongside the existing services, the suburb is “highly appealing” for continued development.
“The suburbs in the area already have double digit house pricing growth,” Mr Kilner said.
“Botanic Ridge has had a traditionally higher median house price in the growth corridor. It’s the best of both worlds — on the cusp of Cranbourne, but also with the premium feel of the estate.”
Expressions of interest close on November 25. More information can be found here.
gemma.scerri@news.com.au
