Construction has commences on
ISPT’s newest residential community Ascot located in the former
Pakenham Racecourse in south-east Melbourne.
The historic site was bought by the unlisted property funds manager in 2012 for $26 million and encompasses a 27 hectare infill parcel.
Upon completion the project will have an end value in excess of $80 million.
Since launching to the public earlier this year, over 75 per cent of the first release has sold and the estate’s first roadways linking the development to the existing town centre are now underway.
ISPT’s CEO Daryl Browning said the project presented a unique opportunity for local purchasers to move into an established area with direct access to existing amenity and infrastructure.
“Most new developments are located in areas of Melbourne where the delivery of infrastructure may be years away,” Mr Browning said.
“The benefit of this project is its unique position located at the heart of an existing township.
“We are currently building a roadway that will link the Ascot community directly into the town centre, meaning that once complete Ascot will become a natural extension of the existing town.
“The project will also pay homage to the site’s unique heritage by either retaining or replicating elements of the site’s racing history and incorporating them into some of the parks.”
Once complete the 500+ lot community will include an innovative mix of traditional and townhouse-style homes as well as an abundance of public parks, quality streetscapes and striking architectural form throughout the project.
The existing Pakenham Creek bed will be regenerated and developed as a key feature of the master plan and will provide a number of opportunities for high quality creek-front and park-front homes.
Ascot represents the second greenfield site ISPT has developed in its own right, with ‘Forsyth Park’, a 450-lot project in Melbourne’s west, launching to the market in 2011.