Melbourne property developer Hyde Property Group has put a 218.5 hectare sub-lot on the market to help fast track infrastructure construction within its multi-billion-dollar Eynesbury community.
Potential buyers have the opportunity to purchase one of two parcels of land, or the entire superlot, which has been zoned for mixed-use and offers direct access to Wyndham, Werribee and Point Cook.
Hyde Property Group CEO Russell Jackson said the decision to sell a portion of the site originally acquired in 2014, was largely based on the opportunity to accelerate future development milestones years ahead of schedule.
Thousands of new residents are expected to join the community's current population of 2,400 in the coming years, which has triggered the projected need for critical infrastructure.
“We recognise that by selling off a small portion of the site whilst the market is strong, it will allow us to fast-track the delivery of over 10 hectares of community amenity and infrastructure currently planned for the development,” Mr Jackson said.
Hyde Property Group recently submitted an application for the 2.8 km extension of Mount Mary Road and will submit plans for stage one of Eynesbury’s community facilities which will deliver a sporting oval, a 60-bay car park and the necessary accompanying infrastructure.
The facility will then become home to the area’s local Eynesbury Cricket Club and Eynesbury Eagles Football Club once completed.
In the coming years, this will be joined by a range of sporting facilities, including a pavilion, cricket nets, netball courts and indoor playing courts, along with a wider dedication to amenity that will span a new town centre, with retail stores, health services, additional child care and aged care facilities, youth facilities and a primary school.
Combined, this amenity will represent a multimillion dollar investment into the community that will see Eynesbury function as a completely self-sustaining township with all the necessary services and facilities for residential life.
“This extension has been brought forward by two or more years and is set to connect residents with the Werribee town centre," Mr Jackson said.
"We envision that the sale of the superlot will add to the current sales momentum, to see even more residents join the community and ensure the township develops at a rapid rate for current and future residents.
The sale of the property is being managed by Savills’ State Director Clinton Baxter and Director Julian Heatherich. Mr Baxter said that land sales in Melbourne’s rapidly growing western suburbs are at all-time record levels with developers simply unable to deliver sufficient stock into the market to meet the rapidly escalating demand.
Savills said the site sale should expect to come to a total realisation exceeding $120 million.
Upon completion, the Eynesbury township will be one of Australia’s largest master-planned communities.