This article is from the Australian Property Journal archive
DEVELOPER Hamton Property Group has been given the green light for its $550 million nature-based redevelopment of a former University of Melbourne site in Hawthorn.
The six-building low-rise precinct will add 365 one, two and three-bedroom residences – 37 of which will be affordable homes – 5,500 sqm of new publicly- accessible green space and a new retail village to the leafy inner east suburb.
It is one of the largest to be approved under the Allan government’s accelerated development facilitation program, which aims to reduce the application timeframe for eligible projects.
Hamton and the University of Melbourne made a joint application in March 2022 for the site, and the Planning Minister oversaw rezoning from public use to enable residential development and approved a development plan to govern planning outcomes for the 16,200 sqm of land.
Hamton settled on its purchase from the University in March earlier this year.
“Busy areas with great transport options like Hawthorn shouldn’t be locked up. They should be opened up. We’re delivering hundreds more homes for Victorians, rather than leaving applications stuck in the system,” Acting Premier Tim Pallas said.
Hamton lodged its permit application with the Department of Transport and Planning on 20th June and the permit was issued on 12th September, an approval timeframe of two months and 23 days. The program brought forward the project by around 12 months, according to Hamton’s said founder and executive chairman, Paul Hameister.
“This approval by the Minister is a great example that the development facilitation program works,” he said.
“It has enabled this new significant housing supply in a high demand area of Melbourne where there are no other large development sites.”
He said high construction costs have eroded development project viability across the country and is currently the primary barrier to delivering new housing supply.
“Accelerating timeframes for planning approvals is one mechanism to partially address current challenges.
“Victoria is currently facing a significant undersupply of housing, which is acute across inner city markets. This project will create a rare opportunity for buyers in a premium suburb that is highly sought-after.
Since the Victorian government’s release of the Housing Statement – boldly targeting delivery of 800,000 new homes over a decade – the Minister for Planning Sonya Kilkenny has used her powers to intervene or fast-track homes to approve 10,700 homes.
The development facilitation program has seen 16 developments approved, unlocking nearly 2,000 new homes.
At Hawthorn, Hamton has commenced construction of an on-site sales display gallery onsite and will commence an expression of interest campaign in late October with a public launch planned for February next year.
On the other side of the city, Hamton is working its way through the $2 billion overhaul of Moonee Valley Racecourse.
