This article is from the Australian Property Journal archive
BELGIAN mineral and metal extraction company, Sibelco, is looking to offload a development site, which has been earmarked for a new suburb in Melbourne.
Knight Frank’s directors Michael Hede and Ken Smirk in conjunction with Charter Keck Cramer as transaction manager, are managing the tender campaign for the 162.7ha site.
Located 40km from the city, the site was the Lilydale Quarry for about 135 years.
Hede said the site is the largest urban redevelopment opportunity currently in Melbourne.
On offer is stage 1, a 19ha site on separate title which has planning approval for 141 lots plus one super lot of 7,975 sqm.
The balance of the site, totalling 143.7ha has the potential in excess of 2,000 lots (STCA).
Hede said this is a once in a lifetime opportunity to create a masterplanned community in Melbourne’s east.
The decision to put the property on the market follows an extensive consultation period by Sibelco and Places Victoria.
With the quarry resource nearing exhaustion Sibelco teamed up with Places Victoria to run a 12-month long community consultation process, ‘Plan Cave Hill’, to look at transforming the land into prime residential housing.
The master plan proposed to redevelop the quarry site into a new suburb in the eastern suburbs with 4,000 new homes along with a new village shopping strip and primary school over a 15-20 years period.
Australian Property Journal
