AustralianSuper Sells Former Kingswood GC Site to Satterley
AustralianSuper sells the former Kingswood Golf Course to Satterley, aiming to address Melbourne’s housing shortage amidst strategic market shifts.
AustralianSuper has finalized the sale of the former Kingswood Golf Course to property developer Satterley, marking a significant move in Melbourne’s housing market. The transaction, brokered by Colliers and advised by Charter Keck Cramer, represents a strategic shift for AustralianSuper following its $125 million purchase in 2014 and a lengthy battle over rezoning with Dingley Village residents. This sale occurs as the Victorian government accelerates land rezoning for housing, aiming to build 80,000 new homes annually over the next decade.
In October, the Victorian Planning Minister approved the rezoning of the Kingswood site to residential use, clearing the path for this sale. Despite the potential for criticism from affordable housing advocates due to the absence of affordable rental housing requirements, the sale is seen as a positive step towards addressing Melbourne’s housing shortage. AustralianSuper’s decision to sell aligns with its new investment strategy, focusing on larger-scale opportunities. Nick Holuigue, head of development at Maddocks, highlighted the transaction as a positive sign for Melbourne’s greenfield market, despite a recent slump in lot sales.
The sale to Satterley comes at a time when lot sales in Melbourne and Geelong have seen a significant decrease, with a 46 percent drop to 7,839 in 2023. However, Satterley is optimistic, forecasting a recovery by 2025 driven by lower interest rates. The Kingswood site, praised for its development potential in a key growth corridor, offers a chance to deliver vital housing stock and social infrastructure. This move by AustralianSuper and Satterley could set a precedent for future developments, particularly in utilizing golf courses for residential zoning.
