MinterEllison has advised Frasers Property Australia (Frasers Property) on its purchase of 974 Black Forest Road in Melbourne's western suburb of Wyndham Vale.
The 100 ha vacant farm land property is located about 40 km south west of the Melbourne CBD and was purchased for A$91.5 million with the acquisition settled on 18 April 2018.
The site is in a growth zone and forms part of a Precinct Structure Plan which covers nearly 500 ha of land and envisions a town centre integrated with a railway station precinct and over 5,000 new homes.
Frasers Property is one of Australia’s leading diversified property groups, and is the Australian division of Frasers Property Limited (FPL). FPL is a multi-national group and one of Singapore’s top property companies with total assets of S$30 billion, as at 31 March 2018.
"Wyndham Vale is an area that will see great change in terms of infrastructure and amenities over time to meet Melbourne's rising population growth," said Ms Carla Deluca, MinterEllison's lead Partner. "Our team is proud to have advised Frasers Property on the acquisition of the site, as well as all associated matters."
"We're very excited to have played a role in developing a site which is set to become such a big part in the future residential landscape of Melbourne's western growth corridor."
MinterEllison's role included advising on the contract negotiations during the competitive bid process and associated completion matters.
The MinterEllison team was led by Carla Deluca. She was supported by David Chin (Senior Associate).