In one of the largest site acquisitions in Melbourne in recent years, a developer has secured a major land parcel for an undisclosed sum and will deliver a $440 million mixed-use community.
Frasers Property secured the 115-hectare site at 974 Black Forest Road, Wyndham Vale in Melbourne’s west to provide around 1,200 residential lots and associated amenities, including over 20,000 square metres of retail facilities.
Anthony Boyd, executive general manager – residential at Frasers Property said the acquisition is located in one of the highest-volume residential trading corridors in Australia.
“Future infrastructure improvements and a focus on generating new employment in the region support the extremely strong fundamentals for the Wyndham Vale site and we’re looking forward to getting underway,” he said.
He noted over 3,300 people will eventually call the new community home and the group will be looking to build a “sustainable” mixed-use community.
The residential component of the development will cover 69.4 hectares and will yield around 1,200 lots. Education and community use will have 8.3 hectares and a further 14.8 hectares will be dedicated to mixed-use commercial and employment.
With an approved precinct structure plan in place, the first lots in Wyndham Vale are expected to be offered to the public from early 2018 pending further approvals, with site works anticipated to commence shortly after. Frasers Property said it will work closely with Wyndham City Council throughout the long-term project.