In one of the largest site acquisitions in Melbourne in recent years, Frasers Property Australia has secured a major land parcel in Wyndham Vale for a $440 million mixed-used community that will deliver around 1,200 residential lots and associated amenity, including over 20,000 square metres of retail facilities.
The 115 hectare site at 974 Black Forest Road in Melbourne West's Wyndham Vale, is adjacent to a proposed train station, enabling Frasers Property to integrate the mixed-use community with transport infrastructure to provide convenience and connectivity.
“This strategic acquisition is ideally located in one of the highest volume residential trading corridors not only in Victoria but Australia," Frasers Property Residential Executive General Manager Anthony Boyd said.
“We’ll be pushing the boundaries in terms of social sustainability and environmental outcomes at Wyndham Vale, building on what we’ve learnt creating some of Australia’s most successful sustainable communities.
“Ultimately, more than 3,300 people will call this new community home over the next eight years and we’ll be using our expertise in developing sustainable mixed-use communities to leave a positive legacy in the area well beyond that,” Mr Boyd said.
The Residential component covers 69.4 hectares and will yield around 1,200 lots, with 8.3 hectares allocated to education and community use, a further 8.3 hectares for retail and 14.8 hectares dedicated to mixed-use commercial and employment.
Frasers Property Retail Executive General Manager Peri Macdonald said the approach to creating the best retail amenity in new communities is to start with future residents.
“By researching the demographics of those who will call this community home we will set about designing a centre that includes the types of retailers and services locals need in a peaceful, environmentally-friendly and easy to access social space.
“The Wyndham Vale development represents a prime opportunity to create a shopping precinct with in excess of 20,000 sqm of retail facilities in a growing catchment, with a tenant and amenity mix designed specifically to meet the needs of residents,” he said.
With an approved Precinct Structure Plan in place, the first lots at Wyndham Vale are expected to be offered to the public from early 2018 pending further planning approvals, with site works anticipated to commence shortly after.