Diversified property group CFMG Capital will push ahead with a $28 million mixed-use project after completing the purchase of a 5.8ha site on Epping Road, Wollert, in the heart of Melbourne’s northern growth corridor.
The site, which was acquired in an off market transaction for $6.8 million, will be developed into 84 residential allotments together with a 6,000sqm commercial precinct. The residential project, dubbed Acacia Village, has already commenced marketing with homesites starting from $279,000 and homesites ranging in size from 212sqm to 440sqm.
CFMG Capital will retain ownership of the commercial site and is still considering a range of options for development including service station, retail and purpose-built facility for an anchor tenant.
The acquisition of the Wollert site, together with a number of acquisitions in 2019, takes the company’s pipeline of projects to more than $300 million.
CFMG Capital General Manager Andrew Thomson said the project was strategically located in a key infill growth corridor.
“The site gives us geographical diversification on our primary operational platform of residential land subdivision while also giving us the opportunity to diversify into commercial,” he said.
“It ticked all the boxes for us in terms of location, infrastructure, access and price point and will appeal to a wide variety of buyers.
“The Melbourne residential market is already showing signs of recovering with first and second home buyers being encouraged by low interest rates and improved lending conditions.”
CFMG Capital are currently operating a portfolio of 10 different residential subdivisions across Queensland and Victoria, including:
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The Millstone, Melton South, Victoria;
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Acacia Village, Wollert, Victoria;
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Elevate, Ormeau Hills, Queensland;
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Middleton Park, Logan Reserve, Queensland;
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Lomandra Park, Bridgeman Downs, Queensland;
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Mayfair Lane, Rochedale, Queensland;
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Solander, Park Ridge, Queensland;
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Creeks Edge, Morayfield, Queensland;
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Birchwood Estate, Park Ridge, Queensland; and
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Oakland Pocket, Morayfield, Queensland.