Local developers Andy Zhang and Paul Lin are hoping to flip a site in Melbourne’s north for $200m, having paid just $35m for it five years ago.
Local Melbourne developers Andy Zhang and Paul Lin are hoping to cash in on the next wave of investment in greenfield residential land after putting a huge site in Melbourne’s outer northern growth corridor on the market for about $200 million.
Should the 161 hectare landholding at 290 Gunns Gully Road, Beveridge – about a 50-minute drive from the Melbourne city centre – sell for that price it would deliver a 471 per cent capital gain to the two developers, who agreed to payRecords show the Beveridge landholding is held by Parkland Hill Pty Ltd with ownership is split between Mr Zhang’s V-Leader and Mr Lin and his wife Susan Zheng through a company called Fareast Land.
Mr Lin is the co-founder of 3L Alliance, the developer behind an 80-storey twin-tower project called Queens Place at 350 Queen Street in the Melbourne CBD. Mr Zhang’s V-Leader has a large portfolio of Melbourne projects including apartment buildings, mixed-use developments and aV-Leader development director Andrew Herbert said the offering of the Beveridge site was not a sign the developer was getting out of the Melbourne market.
“We’ve been looking around ourselves and see there is not a lot of stuff on the market, so we thought it was a good time to put the site to market and see how it goes,” he told“If we can’t sell it we will keep it and develop it. We can get 2400 lots out of it.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USA’s Lyles adds 200m world title to 100m crown with GB’s Hughes in fourthThe USA’s Noah Lyles stormed home in 19.52sec to win the men’s 200m and complete a sprint double in Budapest
Read more »
Voters head to the polls in Melbourne’s north-east for byelectionThe Warrandyte poll had been cast as a test for Opposition Leader John Pesutto, but Liberal Party candidate Nicole Werner is expected to retain the seat.
Read more »
Melbourne’s plan to crack down on short-stay accommodationMelbourne Lord Mayor Sally Capp has a plan to crack down on short-stay accommodation and push more properties into the long-term rental market.
Read more »
Use hotels, not Airbnbs: City of Melbourne signals short-stay crackdownThe council wants thousands of short-stay rentals flipped into the long-term rental market – and it’s looking to introduce a 180-night cap and an annual fee to get it done.
Read more »
21 arrests in raid on alleged illegal Melbourne casinoAn alleged illegal, high-end casino in Melbourne's west has been raided. Police seized cash, drugs and gaming tables.
Read more »