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Resolution Property Group and the Liberman family-backed Monark Property Partners have paid $44 million for an infill site in Melbourne’s north.
The 15ha of vacant land at 800 and 820 Somerton Road, Greenvale, 20km from the CBD, is the developers’ second joint-venture after a Cranbourne West project.
The partners plan to develop about 300 houses and townhouses on the site for an anticipated end value of $135 million.
The site, bound by Mickleham and Somerton roads, is in an Urban Growth Zone. It was incorporated into the Urban Growth Boundary via the Logical Inclusions Process in 2012.
Development would proceed only after completion of the Somerton Road Precinct Structure Plan by the Victorian Planning Authority and City of Hume.
The planned community would comprise residential lots and townhouses, including affordable housing options, on lots from 186sq m to 512sq m with a 2ha linear park connecting the site north to south.
Resolution director Jeremy De Zylva said the masterplan aimed “to meet the high demand for housing, including affordable housing, in an undersupplied market ... close to employment, all of which supports the Victorian Government’s Housing Statement”.
Monark director Michael Kark said “[The] Greenvale West Precinct Structure Plan which surrounds our new Greenvale site is now entirely developed, with all estates now sold out.
“These are considered true infill suburbs and tend to have the highest median land values across the Melbourne greenfield market, which sets a good precedent for our project.”
The site is 8km from Melbourne Airport and Business Park, and close to Woodlands Historic Park, sporting facilities, schools and shopping centres.
Infrastructure improvements have been made of late at the nearby Mickleham and Somerton roads intersection.
Resolution and Monark expect planning approvals within three months, and to have lots on the market in the third quarter of this year. Construction is anticipated to begin early next year.
Monark Property Partners is partnering with Coff Property on a $46-million townhouse project at Prahran as well as a planned $26-million development at Elsternwick.
