This article is from the Australian Property Journal archive
PRIVATE developer Hamton Property Group has been given the go ahead to redevelop the former Hawthorn campus of the University of Melbourne into a $500 million residential project.
With the development plan approved by the minister for planning and the site rezoned from Public Use to Residential Growth, Hamton Property Group will move forward with developing a 1.h-hectare luxury residential development with around 350 apartments.
The apartments will span six boutique buildings, ranging from three to seven levels.
“This approval from the Minister for Planning enables the delivery of meaningful new housing supply in the popular inner east of Melbourne, where development opportunities of scale are non-existent, and demand for high-quality residences continues to outstrip supply,” said Paul Hameister, founder and executive chairman at Hamton.
“Our vision for this development is to create a global exemplar of gentle medium density housing, with a collection of mid-rise buildings set within lush green parks and gardens that prioritise people and community, with excellence in sustainability at its core.
Hamton entered a contract to buy the site from the university in early 2022 with settlement due to occur in early March 2024.
Around one-third of the site will be green open space accessible by the local community, with deep soil planting zones that far exceed the statutory requirements.
“There are around 100 existing trees onsite, of which only four are assessed as significant – meaning only those four would ordinarily be required to be retained under the planning scheme,” added Hameister.
“We are pleased that the Minister agreed with our decision to retain the vast majority of existing trees, and we will take our commitment to greening the habitat even further by planting an additional 100 trees, to create a truly nature-based neighbourhood.”
The project will also target a 5 Star Green Star rating, 7 Star NatHers rating and Climate Active certification as Net Zero.
Additionally, Hamton has committed to delivering 10% of the apartments as affordable housing for moderate income earners such as key workers like teachers.
In another major development, Hamton is on track with its $2 billion overhaul of Moonee Valley Racecourse with ANZ executing a $295 million loan to the developers for the next two residential stages.
Hamton plans to commence construction on the Hawthorn project in mid-2025, with settlement on the site to occur in early March 2024 and sales to launch launch in Q3 2024.
