ISPT snares growth corridor employment site
ISPT is paying just over $100 million for an Officer South horse stud recently rezoned for commercial development.
The deal for Jesmond Dene Stud and Equestrian Centre, on 78.9 hectares at 425 Officer South Road, at the north west corner of Patterson, is a boon for the vendor, the Harvey family, which via a company, paid $379,000 in 1994 – to occupy.
The result also well exceeds the $60-plus guide the asset was listed with last year.
Elsewhere in the area, a growth corridor south east of Melbourne, MAB in May paid c$55m for a 45ha farm recently rezoned as part of an employment precinct, at Cranbourne East.
A c$400m estate is planned.
425 Officer Road South
With a history dating back to the mid-1880s, the Officer South property was once owned by farmer Alexander Patterson.
Mid last century, it was acquired by politician Charlie Gawith, who with his brother, George, the agents said, appointed Bart Cummings to train horses there (story continues below).
One of them, Big Philou, won the 1969 Caulfield Cup before famously being drugged by a former strapper, then scratched, before the Melbourne Cup that year.
The site is opposite Mirvac’s $1.5 billion Smiths Lane, master-planned for c3600 dwellings and a town centre.
Brown Property Group, Dahua, the Dennis family, Frasers, Henley, Satterley, Stockland ad Yourland, backed by Japan’s Nippon Telegraph and Telephone Corporation – also hold major housing estate sites in the area, 60 kilometres from town.
Bathla, a division of Burbank Homes, recently purchased a block in the area too.
ISPT in May appointed Chris Chapple to replace Darryl Browning as chief executive officer. Real Properties’ Joe Catanese is understood to have brokered the Officer South sale.
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