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Riverlee Secures Rezoning Approval for $2bn Masterplan

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Developer Riverlee Group has secured rezoning approval for a $2 billion mixed-use development it plans for a 51-hectare site on Melbourne’s fast-growing northern edge.

The former Epping quarry site, located at 215 Cooper Street Epping, will eventually be home to a 300-bed private hospital, a 200-place childcare centre, 200 aged care beds, 2,000 new homes and 80,000sq m of commercial space.

The masterplan will also feature more than 11 hectares of green space and recreational zones, bike and pedestrian paths throughout, including rehabilitated wetlands and native vegetation.

The project, on the site Riverlee purchased for $14 million in 2015 with Malaysian publicly-listed company Batu Kawan Berhad (BKB), will take between 10 and 15 years to complete.

Riverlee development director David Lee said the masterplan, located in one of the fastest-growing municipalities in Victoria, will take advantage of the booming northern growth corridor.

“A significant amount of economic activity will be generated from the project and will provide a major boost to the region in terms of new employment opportunities throughout the construction phase,” Lee said.

Riverlee's hotel and apartment project on the north bank of the Yarra in the Melbourne CBD.
▲ Riverlee's hotel and apartment project on the north bank of the Yarra in the Melbourne CBD.


“Additionally, thousands of jobs will be created once the project is complete and operational.”

The site, 18km from the Melbourne CBD, will benefit from rapid population growth across the catchment.

The City of Whittlesea estimates the city’s population will grow at an average of 2,800 new residents per annum to 379,000 by 2041.

It is surrounded by the Northern Hospital, Costco, Bunnings, Pacific Epping Shopping Centre and the new Melbourne Wholesale Fruit, Vegetable and Flower Market.

With the rezoning now achieved, Riverlee is awaiting development approval for infrastructure and building work, which would allow the commencement of construction.

In the Melbourne CBD, Riverlee’s Northbank project is on track to transform a historic Docklands cargo wharf on the northern banks of the Yarra into a $500 million luxury hotel and apartment development.

Riverlee Group acquired the 13,200sq m Northbank site, located between Spencer Street and Charles Grimes Bridge, in 2015 from the state government for $28.5 million.

To be known as Seafarers, the Fender Katsalidis-designed project will feature a 5-star hotel with 280 rooms, 123 apartments and a 1,000-seat function centre which will occupy part of the old Goods Shed No. 5.

The developer has also struck a deal with Bamfa Properties to develop a 13-storey commercial tower in Richmond.

The $190 million commercial tower, billed as the suburb’s tallest, was originally proposed by Riverlee in 2017 and received approval midway through 2019 for an amended 17,000sq m commercial scheme.

The joint venture partners are also developing a 600-hectare township and residential masterplan, “Lovely Banks”, 10 kilometres north of Geelong.

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Article originally posted at: https://theurbandeveloper.com/articles/riverlee-epping-masterplan