BRW rich lister Nigel Satterley has stamped his mark on the Melbourne residential land market after paying $100 million for a 214-hectare parcel in the city’s northern suburb of Mickleham.
Mr Satterley is set to add to this deal with another big purchase in the city’s west, where he is in due diligence on a 135-hectare parcel near Caroline Springs, with a $70 million asking price. The two deals cement the Perth-based Satterley Property Group, Australia’s largest independently owned property developer, as one of the biggest players in Melbourne’s crowded land market, where strong demand and dwindling lot supply is putting pressure on prices and is driving a spate of big money-deals for land parcels in the new growth corridors.
Mr Satterley has continued to invest in his Perth home market, acquiring a 140-hectare greenfield site in Swan Valley for $90 million in December, but has become a frequent buyer in Melbourne. Mickleham will be his biggest land project in Melbourne and fourth in the northern suburbs. It has the potential for 2000 lots.