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Melbourne Developer Acquires Site for $258m Greenfield Project

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Development company Growland has expanded their operation to deliver housing to Melbourne’s west, purchasing a 26.18-hectare greenfield site in Fraser Rise.

Growland plans to develop a 430-lot house and land community with an estimated end value of $258 million. Last year the state government cited Fraser Rise as one of 11 suburbs in their Melton growth area set to be hit by a “wave” of new residents.

It is the second purchase in Melbourne’s growing western corridor for the developer. Growland acquired a 65-hectare site in Tarneit in mid-2017 with plans to launch a 900-lot house and land community later this year.

Fraser Rise was previously part of the southern area of Plumpton, which is already home to a population of 9,230 and is predicted to reach 240,000 people by 2031.

[Related reading: Developer Growland Expands Portfolio into Melbourne’s Western Corridor]

Growland founder Bruce Chan told The Urban Developer that the Fraser Rise acquisition represented a period of major development for the company.

“According to the latest census data, there are over 100,000 people migrating to Victoria

every year, indicating that the population will rise to almost 7.5 million by 2036,” Chan said.

“We will need a further estimated 50,000 homes each year to provide appropriate housing for this new group.

[Related reading: Successful Development in Melbourne’s Greenfield Market]

“As developers, we feel a significant responsibility for catering to Melbourne’s growing need for high-quality housing that’s accessible to all buyers – whether that be first home buyers, large families or downsizers on their second or third home,” he said.

Melbourne’s western corridor has become a target for savvy developers, following the identification of many of its suburbs as inevitable growth areas that will be needed to accommodate a rising population.

House prices in the area have gone up by 10.94 per cent in the past 12 months.

The Fraser Rise community is due to launch in the first half of 2018, with construction expected to commence in 2019.

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Article originally posted at: https://theurbandeveloper.com/articles/melbourne-developer-acquires-site-for-258m-greenfield-project