No Limit expands Victorian portfolio
10th Aug 2006
National development company No Limit Group has stepped up its commitments in Victoria with the purchase of a residential development at Hoppers Crossing with an end value of $12 million.
The deal involves No Limit undertaking the purchase all 82 units, to be constructed by a Melbourne-based construction company. A development application has been lodged with the Wyndham City Council and construction is planned to start later this year.
No Limit, headed by John Marshall, is planning a supported community accommodation project on the 7140 sqm site, located at 312-318 Derrimut Road.
No Limit has expanded its Victorian portfolio of properties in recent months, spending more than $4 million on a range of sites at Sydenham, Frankston and Hampton Park.
They include a 1.4 hectare site at Frankston earmarked for a $20 million, 150-unit residential development for $2.3 million; a one hectare site at Sydenham purchased for $1.35 million and intended for a $17 million residential development; and Hampton Park, a 4600 square metre site bought for $600,000 for a future residential project.
The developer has spent almost $23 million in the last 12 months on a range of sites in southeast Queensland and Victoria that are earmarked for a range of residential projects.
Construction is underway at Sydenham while Frankston and Hoppers Crossing are in the planning and approval stages.
No Limit CEO, John Marshall said the Hoppers Crossing acquisition was the latest of the company’s four development sites in Victoria and part of a strategic move into the southern state.
“We are very active currently in Victoria and we are looking forward to ongoing expansion as we expand our property portfolio throughout Australia,” said Mr Marshall.
No Limit has also started construction on a range of residential projects near Ipswich in Southeast Queensland, with a combined end value of more than $94 million.
No Limit purchased a 27 hectare site between Brisbane and the Gold Coast at Beenleigh for $11.2 million, and will build a $100 million residential development.
The company’s current workbook is valued at approximately $400 million and includes The Grange townhouse complex at Strathpine; the Robina Vista development on the Gold Coast; the Wynyard Estate and Bayview Manor at Deception Bay; and its flagship waterfront landholding, the $100 million Fairway Island at the Gold Coast's Hope Island Resort.
Article Source : The Australian Property Review - Jeremy Bost