Ex-government planning boss spends $200m on Melbourne sites
Ex-VicUrban development director Mike King, via the 888 Property Group company he created in 2011, has bought two major west Melbourne building blocks.
In Bonnie Brook – one of 11 City of Melton suburbs created seven years ago – the developer is outlaying $100 million for 47.71 hectares covering 562-598 and 600-612 Leakes Road (pictured, top), for a housing estate.
Diagonally adjacent to the Witchmount Estate and Windmill Gardens reception centre, covered by the yet-to-be-approved Warrensbook Precinct Structure Plan, a c1000-lot subdivision is planned.
More than 3000 people could call the precinct home.
RPM Real Estate’s Zaynoun and Tim Hyland were the agents.
The properties were last recorded as selling in August, 2010, for a total $5m.
Bonnie Brook is about 29 kilometres from the CBD.
VicUrban is now known as Development Victoria.
Historic Tibbermore sold for factories
Meanwhile, 888 Property Group is outlaying $100m for a historic Truganina property with plans for a commercial project (story continues below).
Affected by the not-yet-approved Chartwell East PSP, the 42.45ha site, 687 Hopkins Rd, includes a c1870 heritage protected Federation, Tibbermore.
A significant industrial estate could soon be built around it.
“This acquisition is a vital opportunity to address critical supply shortages in Melbourne’s industrial market,” Mr King said.
“The…site will deliver a much needed industrial hub to support the growth of Melbourne’s west, in line with the local PSP,” he added.
X Commercial’s Andrew Macqueen was the agent.
The deals come three years since 888 Property Group offloaded a 15.9ha Palmers Rd, Truganina industrial development site, for $39.96m.
Also in 2021, Mr King sold a 6.6ha industrial site at Ravenhall to Dexus – banking $6m.
Truganina is 22km from town.
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