5 days ago
Former Carlton star Fraser Brown seals nine-figure deal
A company headed by ex-Blues Premiership player Fraser Brown has splashed a whopping nine-figure sum on a development site in Melbourne's south east.
It is believed that Brown Property Group's purchase of the 68.77ha Clyde North land has set a new record for Victorian residential development sites, with industry sources putting the sales price at circa $250m.
More than 1290 homes could be built at the 200 Tuckers Rd address in the future, subject to planning approval from the City of Casey.
The property was sold by a family who have farmed the area for six generations.
Commercial real estate agency LAWD senior director Peter Sagar, who had the listing alongside colleague Paul Callanan, said they received more than 20 offers for the site – totalling an overall $4bn in capital.
Most interested parties were big-name developers including multiple Australian-based Chinese developers.
Mr Sagar declined to comment on the sales price but said Perth- and Queensland-based developers had flown in to inspect the land parcel and meet the owners.
The final sales deal equated to about $4.2m per hectare for the site's 60ha net developable area.
'I can't think of a single residential development side that's sold for that amount for a long time, in Victoria,' Mr Sagar said.
Brown Property Group purchased the Cranbourne Golf Club, 12km from the Tuckers Rd site, for a reported $190m 12 months ago.
The company's director Fraser Brown played in Carlton's 1995 grand final side and won
the club's Best and Fairest award three years later. He retired from football in 2000.
The Tuckers Rd property is located within the Clyde Creek precinct structure plan, a document outlining Victorian government-approved future development for the wider area.
Mr Sagar is also managing the sales campaign for a 36.39ha block in Diggers Rest that is expected to sell for $90m-$100m, according to industry insiders.
