MELBOURNE, September 30, 2021 – Retirement village and aged care provider Summerset has snapped up an infill development site bordering The Metropolitan Golf Club.
In a deal negotiated on behalf of VIMG by Colliers’ Hamish Burgess, Trent Hobart and Joe Kairouz, Summerset has acquired the 18,257sqm property at 52 Golf Road in Oakleigh South.
“The off-market sale process saw interest from major private, institutional and retirement living developers, with Summerset, a listed ASX/NZX company being succesful in the end,” Mr Burgess said.
“Social infrastructure investment, including Retirement Living and Aged Care, in the development site asset class has been drastically higher in 2021 with in excess of $210,000,000 worth of sales recorded so far compared to $115,000,000 in 2020.”
The infill development site at 52 Golf Road was sold with an approved development plan for 83 dwellings and offered three street frontages to Golf Road, Beryl Avenue and Bakers Road of 276m in total.
The high profile property is situated amongst several thriving activity centres including Oakleigh, Clayton and East Bentleigh Village.
Nicholas Golusin, General Manager for VIMG Australia, said: “We were able to add significant value to the site by achieving an approved development plan which satisfied council and the community, ensuring there was a clear pathway for development.”
Mr Hobart added: “Much like broader metropolitan Melbourne, Oakleigh South has seen a strong uplift in its residential median house price which has fuelled interest in Melbourne’s suburbs. The median house price in Oakleigh South peaked at $1,180,000 mid 2021 increasing more than 20% from the previous year.”
In the past 12 months, Colliers has transacted $350,000,000 in major metropolitan infill development sites similar to 52 Golf Road, Oakleigh South as demand in the suburbs remains incredibly healthy.
“We are witnessing varying types of developers target these areas of significant growth to meet a growing demand for housing in Melbourne’s middle-ring suburbs,” Mr Kairouz said.
