CHINESE DEVELOPER SCORES EXPANSIVE MELBOURNE LANDHOLDING FOR $36 MILLION
Written on the 7 June 2017 by David Simmons
ONE of Mornington Peninsula's largest individual landholdings has been acquired by a Chinese developer for $36.2 million.
The Morning Star Estate in Victoria is an expansive 63-hectare holding which includes accommodation, a cellar door and a restaurant, and it has uninterrupted views from the Bellarine Peninsula to Melbourne.
The estate is located under one hour's drive from the Melbourne CBD and is located within the affluent suburb of Mount Eliza.
CBRE's Bianca Butterworth says the property attracted strong interest, with the eventual purchaser from China outbidding five other shortlisted groups.
"Morning Star Estate is a flagship holding in one of Victoria's most prestigious locations and it was no surprise at all to see the incredible depth of buyers wanting to acquire the property," says Butterworth.
"It is uncommon for properties of this scale to be presented to the market, and we were delighted with the level of interest at the end of the sale campaign.
"It's a great result for our client who had strong emotional ties to the property."
The transaction, which marked the second time in almost 30 years that the estate has been offered to the market, follows the sale of Moondah Estate for $37.5 million in 2016 to Ryman Healthcare.
CBRE's Mark Wizel says the sale of Morning Star highlights that Chinese investors are interested in more than just inner city Melbourne CBD locations.
"This sale demonstrates that Mainland Chinese interest has really progressed since the days of being primarily focused on development sites in the Melbourne CBD," says Wizel.
The property comprises an historic 1867 mansion, an established restaurant, cellar door, wedding, function and conference facilities, and a 20-room hotel for guests.
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Author: David Simmons