Wolfdene and Blueways Turbo Charge Donnybrook Pipeline with $100m Acquisition
Hot on the heels of their $30m purchase adjacent to Donnybrook Station, Wolfdene and Blueways Group have quadrupled their existing pipeline in the northern growth area with a $100m off-market transaction at nearby 960 Donnybrook Road, Donnybrook.
The deal, finalised in late December 2017 with Villa World and CVC, has an end value in excess of $800m and secures Wolfdene and Blueways a further 200ha of prime development land in the much sought-after Donnybrook belt.
Located in the heart of the Donnybrook growth area, the site will supply 2,000 homes for over 4,500 residents through a combination of conventional land lots and higher density dwellings.
“The size of this site and the existing vision of the Shenstone Park PSP gives us great scope to help deliver a full scale masterplanned community with a school, neighbourhood activity centre and over 80ha of conservation space for residents to enjoy,” said Wolfdene Managing Director, Michael Goldthorp.
“It also represents an outstanding opportunity for us to strengthen our collaboration with Blueways in one of Melbourne’s most exciting development regions,” he said.
With a $2.5b pipeline of over 8,000 dwellings either under construction or in planning, Wolfdene is fast becoming one of Melbourne’s largest private developers of land.
“The Donnybrook acquisition adds to Blueways growing pipeline of nearly 4,000 lots in Victoria with an end value of $1.4b. Our vision for the Blueways business is to deliver 1,000 affordable housing options to the Victorian market each year,” Wyatt said.
Sales and marketing will commence in early 2019 with an estimated 7-10 year completion.