The Clyde Major Town Centre development site, has sold on an unconditional basis for $67.65 million, following an International Expressions of Interest sale campaign undertaken by Peter Sagar and Paul Callanan of LAWD and Justin Dowers and Julian White of Stonebridge Property Group.

This 26.23ha landholding is within the Clyde Creek PSP, some 48km south-east of the Melbourne CBD, within Melbourne’s highly popular south-eastern growth corridor in the City of Casey. Planning for the site indicates the site will be development for a multi supermarket shopping centre and surrounding supportive commercial and retail uses, in what will likely be a 10 year plus development for the buyer.

The sale price represented $257/sqm on the land area, with the property selling on an unconditional basis to an interstate developer, after a highly competitive campaign that saw enquiry from over 150 groups and 11 registered offers. The vendor in the transaction was National Pacific Properties.

Stonebridge Partner, Justin Dowers, said the engagement in this site was representative of the increased demand and pricing witnessed on retail investment assets over the past 24 months “as yields have compressed on retail investments, we are seeing more buyers wanting to get involved in the development phase, in order to create more value in the deal, rather than simply purchasing the investment product.”

LAWD Senior Director, Peter Sagar, said “Unprecedented demand for housing in the South- East growth corridor will underpin demand for large scale retail and mixed-use opportunities. The sale of the Clyde Major Town Centre site follows on from a number of other significant land transactions in recent months and further demonstrates the appetite for large scale development opportunities particularly in supply constrained growth corridors”