This article is from the Australian Property Journal archive
THE Victorian government has signed a landmark deal with the City of Wyndham and Lend Lease as part of a $533 million infrastructure contributions package for the Wyndham area.
Planning minister Matthew Guy said the Wyndham West Development Contributions Plan (DCP) will help fund the delivery of 15.6km of new roads, 33 intersections, 27 bridges, 18 full size sports fields within 122 ha of new open space and 6.3 ha of land for community facilities across seven new precincts over the next 30 years.
He added that the agreement between the three parties would allow funding to be brought forward to deliver the Armstrong Rd/Ison Rd link between the Werribee River and the Princes Freeway.
“This approach provides a practical solution to deliver much needed infrastructure to one of Australia’s fastest growing areas,” the minister said.
A proposal has also been put forward to use recently introduced Growth Areas Infrastructure Contribution Works-in-Kind (GAIC WIK) arrangements to build a bridge over the Geelong railway line as part of the delivery of Ison Rd.
Guy said this new funding model would provide key infrastructure for Melbourne’s outer west.
He added that the Wyndham West DCP outlined $533 million worth of projects, with developer contributions set to provide $431.6 million to help fund new infrastructure.
The balance of funds would be covered by GAIC WIK, DCPs for adjoining areas, Section 173 agreements, Government budget cycle contributions and contributions from Wyndham City Council and Melbourne Water.
Approval of the DCP has paved the way for the first stage of the $1 billion Harpley development, within the approved Black Forest Road South precinct, to commence in August. The 435 ha precinct will ultimately provide 4,000 new homes.
The government has also approved two precinct structure plans to create two new communities within the Wyndham West collection area. Approval of the Ballan Rd and Westbrook precincts will provide 11,400 housing lots over the next 30 years.
“The Ballan Rd and Westbrook precincts are key components of the Napthine Government’s plan to deliver 50,000 housing lots across Melbourne in 2014 to improve housing affordability and manage population growth,” Guy said.
According to the minister, the government has now released a total of 95,000 housing lots since 2011, and increased competition has brought the median lot price down to $190,000, from a peak of $225,000 in late 2010.
Property Review
