A consortium of landowners has announced a partnership with Victoria-based Newland Developers for its 1000ha-plus site in Geelong’s northern suburbs.
Marketing materials tout the project as “one of the largest development approved land holdings in Australia,” which would see 15,000 homes for 45,000 people.
Helmed by The Lovely Banks Development Group (LBDG), the site is located next to Geelong's suburbs of Norlane and Corio. Newland would build the master-planned precinct, also known as the Lovely Banks development.
The LBDG group was established by a consortium of landowners wishing to develop their land holdings in the precinct.
Riverlee, Bamfa Properties, The Costa family's investment group Costa Asset Management and Sunrise Ventures are the four developers that comprise the landowner consortium.
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The group was formed specifically to enable the landholders to manage the site as a single 1,000 hectare-plus land-holding.
Riverlee and Bamfa are also joint-venture partners on a $190 million 13-storey commercial tower in Richmond, at 484-486 Swan Street.
Speaking on behalf of LBDG, Property for Costa Asset Management General Manager Todd Devine says the project would create 2,000 jobs in the region over the next two years, which could see hundreds of lots to social and affordable housing, spanning a 10-year development timeline.
Marketing collateral shows the precinct would comprise five town centres, 10 new schools, and community facilities.
The project’s first stage includes approximately 2,500 lots, which is about 20 per cent of the site.
South-east of Melbourne City, plans are in place for new suburb Pakenham East, one of six major greenfield development sites fast-tracked by the Victorian Planning Authority.
Developers Lendlease, Satterley and Parklea will submit development applications on the precinct, which will comprise a new town centre and 7,200 new homes spanning 630-hectares.
