This article is from the Australian Property Journal archive
LOVELY Banks Development Group in partnership with Newland Developers will deliver Victoria’s largest master-planned community in the Northern Geelong Growth Area.
The development, which upon completion will consist of 15,000 homes for 45,000 people, will deliver hundreds of lots to social and affordable housing, and promises to contribute more than $237 million into the local economy in each year of development.
The first stage of the development will consist of 2,500 lots, 20% of the total site, as well as parkland and public amenities, for an estimated value of $2-3 billion.
“We understand the opportunity the Lovely Banks site presents, and with that opportunity comes a huge responsibility. We are a united group of landowners, with a commitment to continue our pivotal role as master developer, to guide the vision and outcomes that unfold on this wonderful site, and to achieve our single-minded goal,” said Tom Devine, spokesperson for Lovely Banks Development Group.
“Put simply, that is to ensure a world-class outcome for Geelong and Victoria over the next 10-plus years. Our ability to realise, and indeed exceed, our vision will only be enhanced by Newland, a delivery partner that genuinely shares and can authentically contribute to the opportunity that Lovely Banks presents.”
The Lovely Banks development is adjacent to Norlane and Corio, suburbs with some of the highest unemployment rates in the Country.
Construction of the community will create more than 2,000 jobs in the Geelong region within two years.
“We are honoured to be given this responsibility and look forward to delivering an outstanding new community that builds on our experience and success at Warralily,” said Mark Whinfield, general manager Victoria of Newland Developers.
“Our approach has always been to consider the needs of every individual homebuyer and ensure we offer a diverse range of living options to cater to their individual needs. It is exciting to be working with such a strongly-aligned and dedicated landowner group. We cannot wait to bring our skills to the table and deliver for the community of Geelong,” added Whinfield.
The project has an expected end value of $11 billion, and is forecasted to provide the Victorian State Product with an annual $307 million.
