Ryman Healthcare sell Kealba Super Site in $30.85m off market deal

An ASX listed developer has acquired a major infill development site in Melbourne’s west for $30.85 million, as institutional-grade groups continue to position for the next residential growth cycle despite broader uncertainty across the housing market. 

The 6.07-hectare site at 27 Driscolls Road, Kealba was sold off-market by Ryman Healthcare as part of a strategic divestment program, with the deal reflecting growing conviction around Melbourne’s middle-ring residential markets and future housing demand. 

The new owner is expected to deliver a master-planned townhouse community exceeding 200 dwellings on the General Residential zoned site, reinforcing ongoing demand for large-scale infill opportunities capable of supporting medium-density housing outcomes. 

Sold through Hamish Burgess and Joe Kairouz of Cushman & Wakefield, the transaction equates to a land rate of approximately $508 per sqm and comes as developers increasingly compete for well-located sites with scale, planning certainty and strong underlying residential fundamentals. 

Hamish Burgess of Cushman & Wakefield said the sale highlighted a notable shift in market sentiment among major developers. 
“We’re seeing well-capitalised groups moving decisively to secure future pipeline opportunities, particularly across Melbourne’s middle-ring growth corridors where housing demand fundamentals remain extremely strong. 

“There is a growing sense that the market is approaching an inflection point, with sophisticated developers looking beyond short-term noise and positioning themselves ahead of the next residential upswing.” 
Located approximately 15 kilometres from Melbourne CBD, the Kealba site benefits from proximity to major arterial roads, established residential amenity and improving infrastructure connectivity across Melbourne’s western growth corridor. 

Joe Kairouz of Cushman & Wakefield said the scale and flexibility of the site made it one of the more significant residential land transactions in the market this year. 
“Large infill sites of this calibre are becoming increasingly difficult to secure, particularly those capable of supporting meaningful medium-density outcomes within established metropolitan areas. 

“The combination of scale, zoning and location created a compelling opportunity for a developer seeking to deliver a substantial master-planned community in a supply-constrained market.