Developer ID Developments Pty Ltd has been successful in acquiring a landmark residential development site at the heart of Epping’s
Aurora Estate for $5 million against stiff competition.
The 24,250 square metre site is located at 305 Harvest Home Road, abutting the future Coles anchored Aurora Town Centre and adjoining parklands.
The landholding includes access via three street frontages and holds significant opportunity for medium and high-density outcomes.
CBRE’s Jamus Campbell and Paul Tzamalis negotiated the sale via an International Expressions of Interest campaign.
Mr Tzamalis said the site represented a rare opportunity to be part of a major mixed-use project in Melbourne’s northern suburbs.
“Aurora Estate is one of the largest master planned communities to be undertaken in the surrounding area, and as one of the fastest growing municipalities in Melbourne, the site proved to attract strong buyer interest both locally and abroad,” Mr Tzamalis said.
“Upon the project’s completion, this site will be supported by a neighbouring town centre anchored by Coles and new public transport link alongside the property.”
The 634-hectare Aurora Estate development commenced construction in 2004 and is anticipated to accommodate 7,500 homes and a residential population of about 25,000 upon completion.
Approximately 800 homes have already been completed in the project, and the current population sits at around 2,000.
The Aurora Estate is pitched as a suburb of the future and will be Victoria’s first 6-star energy efficient community. Sustainable initiatives will focus on water, energy, biodiversity and recycling.
Water sustainability will be achieved through utilising recycled water, with a local waste-water treatment plant responsible for delivering Class A recycled water to all homes in the estate. Aurora Estate will also boast a Water Sensitive Urban Design (WSUD).
Homes will be 6-star energy rated and include features such as careful solar orientation, insulation and improved cross-ventilation. The energy features used are directed towards reducing greenhouse emissions by up to 5 tonnes per year.
The designs for the Aurora Estate recognise and enhance the biodiversity of the area, including the upgrade of parks, reserves and waterways. 48 hectares will be dedicated to conservation, protecting the significant flora and fauna species found on site. Indigenous species will be incorporated into the landscaping for the estate.
The estate’s development is being carried out in a way that reduces environmental impact with materials that minimise embodied energy, resource consumption, toxicity and biodiversity impact. The aim for the construction’s waste management is to reduce construction waste going into landfill by 85 per cent.
The estate, located in the City of Whittlesea, has an expected project life of 20 years and is due to be completed in 2025.
Image credit: Ray White Epping