National Pacific Properties, the development arm of home building company Burbank Group, will build about 500 homes on the 28 hectares of land in Packenham East.

The Maddocks team on the matter was Development partner Bettina Sheeran and senior associate Alexandra Yorston.

Bettina 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.’

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