Superannuation fund-backed ISPT will offload a 500-lot greenfield site in Cranbourne South as it winds up remaining assets in one of its largest development funds.
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The 47-hectare site in Browns Road is in a burgeoning housing development pocket about 45 kilometres south-east of Melbourne favoured by mainland Chinese investors.
Nearby to the ISPT holding, the parents of group 1-winning jockey Craig Williams recently sold their 12-hectare Cranbourne East farm to a Shanghai-based property developer, Artemis Hotel Group, for a speculated $10 million.
ISPT holds a permit for a two-stage residential estate on the land which abuts Cranbourne's Royal Botanic Gardens and Peet's recently launched Acacia Estate.
Its subdivision plans were delayed by negotiations over a protection corridor for the endangered southern brown bandicoot.
ISPT senior development manager Sean Hogan said the fund held several high-density and greenfield assets which had either been developed or sold.
The estate is at the smaller end of ISPTs development profile, which is focused on larger yielding projects.
When the Cranbourne land was acquired, "it was [the] right size for investors at [the] time".
"Now, it would be considered too small. It's the right time for us to sell and move on," Mr Hogan said.
The asset has been held in the group's development and opportunity fund (DOF 1), which has returned an average of 11.0 per cent since its 2006 inception.
In mid-2014, the fund had $75 million in remaining assets.
As well as the land at 91-93 and 95 Browns Road, the fund holds a 50-50 joint venture with Pellicano Group in a 42-hectare industrial subdivision in Lyndhurst.
The site is expected to fetch about $25 million. The process is being handled by Biggin & Scott Land's Frank Nagle and Andrew Egan.
Mr Hogan said the fund's two remaining assets were in the process of being "resolved".
