A huge Bellbird North subdivision has changed hands for more than $88 million.
More than 1600 homes have been touted for a 240-hectare plot of land near Cessnock, 70 of which were completed under previous developers Johnson Property Group.
Sydney-based WST Property Group has completed another 40 homes since acquiring one third of the Mount View Grange precinct last November, settling the remaining balance earlier this month.
The project, which also takes in a 3.11 hectare retail town centre, green spaces and exercise tracks, was penned for completion by 2026 when stage one was launched in 2018.
However, the expected completion date has since been pushed back to around 2029.
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Urban design for the town centre is underway, with construction likely to begin in mid-2024.
Managing director Krenalin Moodley said WST were keen to take on their first Hunter Valley development.
"We're really excited about the project," he said.
"We're fortunate that we get to build on what Johnson Property Group has spent 18 years in the making [on] ... it's been a really long process to unlock this land."
Mr Moodley said the agreement had been struck in May 2021 after WST approached Johnson Property Group about the development in February that year.
The final sale price was $88,888,888.
The Mount View Grange project will be completed in more than 50 stages, three of which were completed by Johnson Property Group.
WST are currently working on 132 homes, all of which are sold, while homes in stages nine and 10 are already on the market.
Land prices range from under $300,000 for 450 square metre blocks, to around $420,000 for 820 square metre blocks.
Mr Moodley said the project was being curated to ensure between 80 and 85 per cent of buyers were owner-occupiers.
"It's very affordable, that's been the key driver," he said.
"Our sales strategy has been to focus on first home buyers and mums and dads.
"Following on from what Johnson Property Group had established, we're creating a community where we want people to raise their family.
"We felt that we wanted to focus on these types of products to give people a chance to get into the market .... it's really there to allow people to get into their first home."
The Bellbird area will continue a huge transformation in coming years, with another 370 homes penned for the nearby North Ridge development.
Developer Winton kicked off stage one in February 2021 and the first four stages - comprising about 150 lots - are already sold out.
Cessnock City Council was contacted for comment.
