Melbourne property developer
Salvo has finalised a $73 million transaction for a 61.55-hectare prime landholding in
Tarneit in Melbourne’s west, with plans to develop a masterplanned community comprising up to 1,700 dwellings with JV partner Casey Capital.
The site was acquired from a long-term owner and settled this month through alternative real estate investment manager
Qualitas. Located at 1228 Leakes Rd in Tarneit, 32 km from Melbourne’s CBD, the landholding sits within the Urban Growth Zone and future Oakbank Precinct Structure Plan (PSP) which is forecast to accommodate almost 27,000 residents and 10,000 dwellings.
Directly opposite the site is the future 15,000-capacity Wyndham City Stadium which will be home to A-League franchise Western United Football Club. While the site is close to the existing retail centre and community amenities in Tarneit, the area is set for major infrastructure investment including a new train station, town centre and schools.
Salvo Managing Partner James Maitland said the site’s strategic location close to a future sporting precinct and social infrastructure in a booming growth corridor made it an attractive purchase.
“The long-term vision for the site is to develop a master-planned community with a diverse product mix of up to 1,700 dwellings including apartments and townhouses, parkland and open spaces as well as commercial and mixed-use facilities,” he said.
Casey Capital Managing Director, Mark Casey, said the site has all the attributes for a successful future masterplanned residential neighbourhood.
“This landholding offers the opportunity to develop a mix of housing types including medium density near a future railway station. The site is also adjacent to sports, entertainment, and retail precincts, all within 25 minutes of the CBD.”
Leakes Rd is part of Salvo’s $3 billion development pipeline, which also includes a $1 billion 4-tower, mixed-use development at Fisherman’s Bend and a $1.2 billion mixed-use urban renewal project at the historic Pentridge precinct in Coburg. It also has $1 billion of projects including commercial, industrial and mixed-used sites in Victoria and NSW.