Villa World acquires residential development site in Victoria's Clyde
Residential property developer Villa World has purchased a 42-hectare site at Clyde, 55km south east of the Melbourne CBD for $33 million.
The site has an existing residential zoning for more than 400 home sites. Settlement will occur in 1H18.
Craig Treasure, managing director, Villa World, said he considered the Melbourne market to be extremely strong right now, buoyed by population growth.
“We have been looking to grow our five to six-year pipeline of projects in Victoria, specifically in the south east corridor because of the proximity to transport, excellent education facilities and attractive retail precincts,” he said.
“The Clyde purchase is in line with our strategy of growing through disciplined and targeted acquisitions.”
Last month Villa World last upgraded its full year guidance to a profit after tax of $37.5 million, representing 11 percent expected growth on its FY16 result.
