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Frasers Property secures 115 hectare site in Melbourne for A$440m mixed-use project
FRASERS Property Australia has secured a 115 ha site in Wyndham Vale, Melbourne, Australia, for a A$440 million (S$466 million) mixed-used community project.
The site - at 974 Black Forest Road - is adjacent to a proposed rail station. The residential component covers 69.4 ha and will yield around 1,200 lots, with 8.3 ha allocated to education/community use, a further 8.3 ha for retail and 14.8 ha dedicated to mixed-use commercial/employment.
Anthony Boyd, executive general manager residential for Frasers Property Australia, said that the acquisition underpinned Frasers Property's commitment to new development in Melbourne.
"Ultimately, more than 3,300 people will call this new community home over the next eight years; and we'll be using our expertise in developing sustainable mixed-use communities to leave a positive legacy in the area well beyond that," Mr Boyd said.
With an approved precinct structure plan in place, the first lots at Wyndham Vale are expected to be offered to the public from early 2018 pending further planning approvals, with site works anticipated to commence shortly after.
Frasers Property secured the Wyndham Vale site for an undisclosed sum. Savills director Julian Heatherich and state director Clinton Baxter acted as the agents for the vendor.