PROPERTY developer Satterley has declared its intentions for the former Kingswood golf course site in Dingley Village.
Satterley Property Group announced it had purchased the site from AustralianSuper last Monday, 4 March. The Australian Financial Review reported that the deal was worth up to $220 million. Satterley chief executive Nigel Satterley says that the land will be used to build a “diverse” range of housing. He said the final project will feature “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.” “The provision of a variety of lot sizes within the project will appeal to a diverse purchaser profile, including downsizers into more suitable housing, local upgraders, first home buyers through lower priced townhouse product and younger families with larger housing on smaller blocks with ready access to immaculately landscaped open spaces,” Satterley said.
AustralianSuper purchased the site at 179-217 Centre Dandenong Road in 2014 for around $125 million. Its head of real assets Nik Kemp said the site was sold as it “no longer aligned to 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.”
AustralianSuper planned to build around 800 dwellings on the site. It announced plans to sell it late last year, shortly before Victorian planning minister Sonya Kilkenny announced it would be rezoned for residential development. AustralianSuper’s original development plans for the site received more than 8000 community objections (“Golf course rezoning disappointment” The News 27/9/23).
First published in the Chelsea Mordialloc Mentone News – 13th March 2024
