This article is from the Australian Property Journal archive
THE transformation of the Epping Quarry into a $2 billion mixed-use development is a step closer following the Victorian government’s green light to rezone a tract of land in the northern suburbs of Melbourne.
Led by privately owned developer Riverlee, the redevelopment at 215 Cooper St will be known as New Epping and is expected to take place over a 10 to 15 year period. It will deliver housing, townhouses and apartments, a commercial office precinct, and seven hectare medical precinct including a private hospital, complementing the Northern Hospital – the busiest and largest in the region – next door.
The 51 hectare quarry had sat vacant for 17 years before Riverlee and Bursa Malaysia-listed Batu Kawan Berhad agreed to buy the land in 2015 for $14 million. Located in one of the fastest growing municipalities in Victoria, it is forecast that the surrounding Epping Road growth corridor catchment will continue to grow at an average of 2,800 new residents per annum.
Riverlee development director, David Lee said New Epping has the “ability to transform the region into a one-stop healthcare destination for both patients and medical professionals.”
He said the rehabilitation of the former Epping Quarry is one of the largest projects the group has undertaken.
“By drawing inspiration from the best of Melbourne’s inner-city and delivering it in the city’s North, Epping has the potential to become a city within the suburbs; an epicentre of activity that will put Epping on the map as a true story of urban regeneration.”
The recent rezoning application saw the land rezoned from industrial to mixed use, and extends to the land along the Edgars Creek corridor to protect the creek and enhance environmental values and conservation, including the protected Growling Grass Frog.
Whittlesea Council had given their backing to the project three years ago.
Construction of New Epping will create in excess of 5,000 jobs and at full development, more than 3,100 people are forecast to work on the site.
Riverlee is awaiting development approval for infrastructure and building work, which would allow construction to commence.
