The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
PlanningRenee McKeownWed 27 Jan 21

Melbourne’s South-East Fueled by $120m Lendlease Deal

2f3610eb-2320-4985-8689-317b54bdb003

Property demand in Melbourne’s southeast is showing no signs of slowing with the number of new estate launches jumping from seven to 16 in the past two years.

The 129 per cent growth is expected to be further fuelled by developers spending up big to move into the region's newest suburb.

Lendlease is the latest developer to move forward with plans after picking up two rural properties for around $120 million in Pakenham East.

The transaction is a joint-venture between local farmers and the developer with final price to be ultimately determined by revenue from the project.

The 113 hectares of land is across three titles and is currently used for cattle farming.

Lendlease is expected to lodge a development application for the site which is estimated to deliver 1,100 lots.

Related: Lendlease, Aware Super Strike LA Development Deal

▲ The Pakenham East entire concept plan, the new suburb is one of six fast tracked by the Victorian Planning Authority.


The Pakenham East suburb was approved in January with greenfield developers Satterley and Parklea also set to develop estates within the area, which is located 65 kilometres from the Melbourne CBD.

Once complete, the suburb will include 7,200 homes, a town centre, four schools, three community centres and 44 hectares of parks and sporting reserves.

Core Projects acquisitions manager Kane Malcomson brokered the deal with colleague Trent Malcomson.

“The farmers were on the land for the better part of 40 or 50 years, so to partner with a group like Lendlease is fantastic,” Malcomson said.

Related: Home Builder Take Up Doubles Expectations

Demand for new homes across Melbourne’s southeast has grown swiftly, boosted by government stimulus programs such as the federal government's HomeBuilder grant.

Lot sales within Lendlease’s Pakenham East estate are set to commence in 2021.


Join us 18 March 2021 as we explore how the property industry plans to transform Pakenham East. Click here to purchase your ticket.

ResidentialAustraliaMelbourneReal EstatePlanningPlanningDeal
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy on the Sound of Cannon: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
View All >
Sponsored

HCP: Real Projects, Real People, Real Returns

Partner Content
Singapore’s Furama Hotels reportedly picked up the Skye Suites for $68 million amidst an Australian acquisition spree.
Hotel

Sale of Sydney’s Sky Suites Year’s Biggest Hotel Deal

Renee McKeown
Justin Butterworth will speak on a panel at Urbanity 2025 on the Gold Coast.
Technology

Platforms Pump Up Rental Revolution: Justin Butterworth

Renee McKeown
The brains behind the foundation of Airbnb is moving in a new direction reshaping the face of the rental market…
LATEST
Finance

HCP: Real Projects, Real People, Real Returns

Partner Content
5 Min
Singapore’s Furama Hotels reportedly picked up the Skye Suites for $68 million amidst an Australian acquisition spree.
Hotel

Sale of Sydney’s Sky Suites Year’s Biggest Hotel Deal

Renee McKeown
3 Min
Justin Butterworth will speak on a panel at Urbanity 2025 on the Gold Coast.
Technology

Platforms Pump Up Rental Revolution: Justin Butterworth

Renee McKeown
4 Min
Sherpa South Brisbane DA hero
Development

Sherpa Shifts Gaze from Beaches to Brisbane’s ‘Aria Territory’

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/melbournes-south-east-fueled-by-120m-lendlease-deal