Central Equity, Failli family selling $200m of greenfield sites

The post-COVID-19 appetite for greenfield residential sites in Melbourne's west will be tested with more than $200 million worth of 'shovel ready' land offered to the market by developer Central Equity and beef producers the Failli family.

Fully developed, the sites could yield almost 3000 housing lots with an end value approaching $1 billion.

At 1071 Sayers in Tarneit, Central Equity, one of Australia's biggest private residential developers has abandoned plans to develop the 77-hectare Waterbird Estate itself and is now looking to sell it.

The approved site comes with a first stage permit for 870 lots as well as three super lots suitable for medium density development or mixed use.

It is one of two Tarneit development sites Central Equity purchased a few years ago at a time when the western growth corridor was booming and greenfield land was selling at more than $1 million a hectare.

The first of these sites became Central Equity's 1600-lot Newgate Estate, home to one of Melbourne's largest display home villages.

Central Equity manager of land development Paul Möller said development of Waterbird has not yet commenced.

"Central Equity is now re-cycling capital through divestment of the Waterbird property," Mr Möller said.

"This will create opportunities to balance its development portfolio, with planned strategic purchases in Melbourne’s north and south-eastern growth corridors.

"Central Equity will continue to develop a substantial land parcel in Tarneit, while building a pipeline in complementary growth corridors."

Biggin & Scott Land's Andrew Egan and Rudy Kelemen of Kelemen Commercial have been appointed to market Waterbird via a tender process closing on June 18.

Twenty kilometres to the north, at 1056 Taylors Road, Plumpton, the Failli family, founders of Westside Meats, are selling 93 hectares of their Parwan Valley farm holding.

The site, which lies within the approved Plumpton Precinct Structure Plan (PSP), has the potential to generate 1500 lots, a local convenience centre, community facility and a school site once a permit is obtained.

An invitation only expressions of interest campaign is being handled by Cushman & Wakefield’s Peter Sagar and Paul Callanan on behalf of the landowners.

Mr Sagar said major developers like Stockland, Lendlease, Frasers, Satterley, Dahua as well as major funds, private developers and syndicates were likely to express interest in this property.

"If purchasers take a medium term view of the market they are likely to pursue this opportunity given the rarity of scale, its location, PSP-approved status and ability to generate short term earnings," Mr Sagar said.

The vendors, the Failli family, founded Westside Meats in 1963 when they opened their first butchery in North Sunshine. Since then, the business has grown to 5000 acres of privately-owned pastures and up to 15,000 free range livestock as well as an abattoir at Bacchus Marsh.

At their Parwan Valley farm, they produce premium beef and lamb under the Parwan Prime label.