Private developer MAB Corporation has taken a strategic stake in a large parcel of land adjacent to its Merrifield estate on Melbourne’s northern fringes in a $70 million plus deal.
MAB, along with joint venture partner Gibson Property Corporation, snapped up 131 hectares of vacant farmland at 225-286 Donnybrook Road from vendor AMP Capital in the city’s fast-growing northern corridor.
The site, between Donnybrook and Mickleham roads and the Hume Highway, lies opposite MAB and Gibson’s Merrifield development, a project that now has scope to grow to more than 8000 homes, 300 hectares of employment-focused industrial development and a 140-hectare civic centre.
Once complete it will be the largest master-planned new community in Melbourne, home to 25,000 people.
Biggin & Scott Land‘s Frank Nagle and Andrew Egan, who handled the transaction, declined to comment.
Melbourne’s newest suburbs around Mickleham have become one of the city’s most active land markets as multiple local developers vie to accumulating sizeable holdings and cash in on booming lots sales, which reached a record 22,000 across Melbourne last year.