The Jesmond Dene horse stud 45 kms from Melbourne where Bart Cummings trained a Caulfield Cup winner has been bought by ISPT for $100m
A famous horse stud on the south-eastern outskirts of Melbourne that sold for $379,000 in 1994 has been snapped up as future industrial estate by superannuation fund-backed developer ISPT for more than $100 million.
Later, in the 1950s the property was owned by bread manufacturer, politician and racehorse owner Charles Gawith, who with his brother George owned Big Philou. The dramatic rise in value has been driven by its inclusion in the Office South Employment Precinct Structure Plan, a 1069ha rural landholding bounded by Cardinia Creek to the west and the Princes Freeway to the north, that is being rezoned into an industrial, commercial and residential precinct.
Mr Catanese also brokered another large industrial transaction in Melbourne’s south-east after selling a former 9.5ha chicken farm at 990-1020 Thompsons Road in Cranbourne West to developer Dominic Cullia, a director of construction company Corplex, for about $55 million. The commercial site was sold by the Paraskevopoulos family.For ISPT, the Officer South acquisition will beef up its industrial land bank to about 280ha spread across sites in Sydney, Melbourne, Adelaide and Brisbane.
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