This article is from the Australian Property Journal archive
DIVERSIFIED developer Oreana Property Group has snapped up a parcel of land, earmarked for future housing supply, in Wyndham Vale for $13.8 million.
The 20.77-hectare site includes Werribee River frontage and is located in at 290 Hobbs Road, in Melbourne’s western growth corridor, around 31km out from the CBD and within the approved Ballan Road Precinct Structure Plan.
Brent Glassford and Marco Sandrin from Fitzroys, alongside Andrew Lepa from Oliver Hume, sold the site via an expressions of interest campaign, on behalf of a private owner.
“Oreana Property’s acquisition will bring much-needed housing supply to Melbourne’s western growth corridor,” said Glassford.
“The market showed all the more confidence in the site given it is surrounded by developments by major developers including Stockland, Frasers Property, Villawood, Central Equity and Lotus Living.”
With a current population of 322,226, the City of Wyndham is estimated to see its residents boom to 501,634 by 2041, according to research firm .id Consulting.
With Wyndham Vale’s population forecast to grow by 67.5% over the same period, surging from 25,662 to 42,986.
“There’s currently a severe housing shortage and Australia is about to welcome a record intake of migrants, putting huge upwards pressure on demand for new dwellings,” said Sandrin.
“Material costs, labour shortages and barriers to funding have made construction of some projects more difficult, but the pending major boost to demand for housing makes this growth corridor site an attractive proposition.
Throughout the expressions of interest campaign, the sales team received more than 50 enquiries from both local and national developers, who are expecting market conditions to return to more favourable conditions.
“The Wyndham Vale acquisition is part of Oreana’s ongoing commitment to provide growing communities with quality, affordable housing that meets the needs of homebuyers now and into the future,” said Tony Sass, co-managing director at Oreana Group.
“Wyndham Vale needs modern and affordable housing to keep up with demand and Oreana has the ability to deliver quality homes quickly, and the potential to include additional services depending on community needs.”
This latest acquisition follows Oreana Property’s recent agreement with Dennis Family Corporation to take on a 125-hectare parcel in Donnybrook for a $700 million-plus house and land subdivision that includes 1,400 lots, a town centre, secondary school, sports fields and other open space.
In February, Oreanaalso 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.
Additionally, Oreana recently spent $8.3 million on a 1.85-hectare Cranbourne corner development site from McDonald’s Australia.
