Maddocks has advised National Pacific Properties on its multimillion-dollar acquisition of land in Melbourne’s south-east.
Firm: Maddocks (National Pacific Properties).
Deal: National Pacific Properties has acquired 28 hectares of land in Pakenham East, which it will use to build approximately 500 homes.
Value: $48.5 million.
Area: M&A, property and development.
Key players: The Maddocks team was led by development partner Bettina Sheeran and senior associate Alexandra Yorston.
Deal significance: National Pacific Properties is the development arm of home building company Burbank Group.
Ms Sheeran said the deal was the latest in what is a “buoyant Melbourne residential property market”.
“There is still great demand for housing in and around Melbourne and the outlook for interest rates to stay low for the next two to three years will continue to fuel that,” she said.
“We are really pleased to have assisted National Pacific Properties on this strategic acquisition in one of Melbourne’s growth corridors.”