Wolfdene Takes Control with Brompton Buyout
Wolfdene has assumed 100% equity control of its talisman ‘Brompton’ development located in the heart of Melbourne’s bourgeoning South East growth corridor. The 100 hectare masterplanned community in Cranbourne South will supply an excess of 1,400 homes for more than 3,000 residents.
“With an end value of $610m, ‘Brompton’ remains one of the most commercially attractive and in demand developments in Victoria,” said Wolfdene Managing Director, Michael Goldthorp.
Directly adjacent to Ranfurlie Golf Club and just minutes to the Cranbourne CBD, Royal Botanic Gardens, Casey Fields and Casey RACE, Brompton is also a short 15- minute drive from Frankston and Port Phillip Bay.
The project, which initially launched in late 2014 before a number of planning delays halted progress, was managed and marketed by Wolfdene on behalf of the existing vendors and had attracted offers from acquisition teams locally and internationally.
Wolfdene worked closely with Deloitte’s Real Estate Transactions team to run a competitive tender that attracted interest from lenders around the world.
“It is through our deep relationships with those various funding parties we are able to connect like-minded parties to enable the vision of the project to be realised without finance being a constraining factor,” Deloitte Partner for National Real Estate Transactions, Stephen Hynes said.
“Nomura chose this opportunity over a number of others in the Australian property market based on the strong location and position of the Brompton project, as well as Wolfdene’s track record in the industry and the future opportunities their development pipeline presents,” Hynes said.
“Quality projects and sponsors will always attract interest from sophisticated funding parties, who are looking to selectively deploy their capital. This creates a capital partnership approach, which will lead to a generation of future opportunities.”
Wolfdene’s re-launch of the project on the 10th February saw more than 50 groups camp out days before to stake their claim on one of 40 lots released to the market.
Release 1 sold out in 2 hours and by Sunday, more than 60 lots had sold after a further 20 lots were made available to satisfy a back log of interested buyers.