AustralianSuper has sold a former golf course, now rezoned for residential development in Melbourne’s outskirts, to property developer Satterley Property for an undisclosed amount.
However, it is understood the transaction was concluded in the range of A$215m to A$220m (€129m-€132m).
Australia’s largest super fund acquired what was Kingswood Golf Course land in 2014 for A$125m. But it has been caught up in controversy with residents who were against plans to rezone the golf course for a housing subdivision.
AustralianSuper head of real assets Nik Kemp said while the fund still believed in the potential of the site, the investment was no longer aligned with the organisation’s property strategy and future investment approach.
“The former Kingswood Golf Course site ticks all the boxes in terms of development potential,” Kemp said. “Set in a key growth corridor within the middle-ring of Melbourne the site offers enormous opportunity to deliver much-needed housing stock and social infrastructure that will benefit the community for decades to come.”
Satterley chief executive Nigel Satterley said: “The Satterley team are looking forward to developing the site into an iconic infill masterplanned community with extensive open space, mature landscaping and family parks for both existing and future residents to enjoy, all within a short stroll of the established amenity in Dingley Village.”
Sattlerley said the company intended to offer a variety of lot sizes on the land to appeal a diverse purchaser profile, including downsizers into more suitable housing, local upgraders, first-home buyers through lower-priced townhouse products, and younger families with larger housing on smaller blocks.
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