This article is from the Australian Property Journal archive
DEVELOPER Oreana Property has made one of its most significant greenfield land acquisitions, purchasing 125 hectares within the Dennis Family Corporation’s Peppercorn Hill community in Donnybrook, in Melbourne’s northern fringe.
Oreana will deliver about 1,400 lots, a town centre, secondary school, sports fields and open space as part of Peppercorn Hill and with an estimated completion value of more than $700 million.
Oreana joins two other landowners as key stakeholders in Peppercorn Hill, which will have around 5,000 lots upon completion and forms a major part of the Donnybrook-Woodstock Precinct Structure Plan.
LAWD’s Peter Sagar and Paul Callanan handled the transaction.
A planning permit is in place for the development.
“We are pleased to be working with Dennis Family Corporation for the delivery of this large-scale master-planned community, which will provide much-needed housing, community facilities, and infrastructure in Melbourne’s northern growth corridor,” said Oreana Property co-managing director Tony Sass.
“This acquisition is a testament to our commitment to delivering quality residential communities that meet the needs of homebuyers, now and into the future.”
Darebin Creek runs through Peppercorn Hill, with the community to eventually feature 25 kilometres of connected paths and trails, creekside recreation areas, and neighbourhood parks and sporting fields upon completion.
Within the broader development, Oreana Property’s site will also house a town centre on a six-hectare site and secondary school alongside residential lots.
It will also link up to the future Outer Metropolitan Ring Road, which will connect the outer north with the Metropolitan Ring Road, Hume, Calder, Western and Princes Freeways.
Dennis Family Corporation CEO, Peter Levinge said, “This residential community represents the ongoing rapid growth in the Northern Corridor, an area which we are proud to be part of now, and into the future”.
The Melbourne land market is beginning its path to recovery with help of a population boom and the ever-tightening rental market, following a year littered with challenges in 2022.
The medium to long-term outlook is continuing to improve despite higher interest rates and inflation affecting the market, according to Oliver Hume’s quarterly market insights.
In February, Oreana lodged plans for a new village shopping centre and piazza in the fast-growing western suburb of Tarneit, while it is also planning a $250 million office and hotel redevelopment of South Yarra Square on the CBD fringe.
