Last week, HB Land announced the purchase of 45.61ha across four parcels at Mickleham, abutting Craigieburn, with plans for a 609 lot subdivision.
That deal, with the Deague family, was estimated to be worth c$80m.
It also recently spent a total of c$35m on two Queensland residential sites – at Gympie, north west of the Sunshine Coast, and Brisbane’s Park Ridge.
HNA paid $94.7m for Aitken Hill in 2016; at the time the group held a 20 per cent interest in Virgin Australia.
That seller, cattle farmer George Adams, picked up the property for $7.8m 14 years earlier.
Prior to then the venue was owner occupied by BHP.
The conference centre includes 6000 square metres of function space and a 124-room hotel surrounded by sporting and leisure facilities – none of which has operated since COVID.
This pocket of Craigieburn, near the Greenvale border, is about a 15 minute drive to Melbourne Airport (story continues below).
Underlying land value
The sharp rise in Aitken Hill’s value over the last two decades is attributed to its development upside.
Surrounded by new housing estates to its north, east and south – and classified within the Craigieburn West Precinct Structure Plan – about 45ha can be replaced with low density residential, potentially yielding over 630 lots.
Another seven hectares can make way for an aged care complex.
The property is within a kilometre of Craigieburn Junction, which QIC acquired from PGIM for $135m in September.