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Large Scale Site in Melbourne’s North Comes to Market

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RPM Real Estate Group, Melbourne’s leading full-service residential development sales agency, has been appointed to market the sale of a rare and strategic residential development site in Craigieburn in Melbourne’s northern growth corridor.

Located 23 km north of Melbourne’s CBD, the 153-hectare site has a net developable area of 97 hectares, with a potential yield of 1,700 residential lots.

The site is zoned Urban Growth Zone (UGZ) and has been identified for residential development by the Melbourne Planning Authority as part of the

 Northern Quarries Investigation Areas Growth Corridor Plans.

RPM’s head of Transactions & Advisory, Christian Ranieri, said the vendor, a local Italian family that has owned the land for 25 years, now wish to realise the vision of this significant asset.

“This is a once in a generation opportunity to secure the last large-scale site in one of Melbourne’s fastest growing corridors,” Mr Ranieri said.

 

“Uniquely located in the well-established suburb of Craigieburn and the rapidly developing Epping-Wollert growth corridor, it’s an infill development site of the highest calibre.

“This is an unparalleled opportunity for developers to secure a long-term sales pipeline, with an attractive five-year settlement term on offer.”

Mr Ranieri said the landholding has the potential to create a landmark residential community that will capture homebuyers from both the Hume and Whittlesea corridors.

 

“The proposed precinct has excellent amenities including expansive future parkland, Craigieburn railway station on the doorstep, a 3-minute drive to Craigieburn Plaza, close proximity to schools and the Hume highway, providing door-to-door access to the city in 30 minutes.

Mr Ranieri said the economic and Melbourne property market fundamentals remain strong, including population growth, a buoyant labour market and continuing high demand for homes in greenfield estates.

“Over the next 20 years, the Hume/Whittlesea region is forecast to grow by almost 250,000 residents,” he said. “And, average sales rates of residential lots in surrounding suburbs more than doubled between 2014 and 2016.”

“Over the next 20 years, the Hume/Whittlesea region is forecast to grow by almost 250,000 residents,” he said. “And, average sales rates of residential lots in surrounding suburbs more than doubled between 2014 and 2016.”

According to RPM Research, the median lot price for Craigieburn rose 28 per cent compared to the previous 12 months.

“The shortage of new lots for sale is applying upward pressure on lot prices in Craigieburn,” Mr Ranieri said. “It highlights the strength of purchaser demand which reinforces this rare opportunity for developers given the area is very tightly held.

Commenting on RPM’s appointment Mr Ranieri said, “Our appointment is testament to our experience and ability to add significant value to the sales process.”

The property is being sold by international tender closing on 31 August.

The Urban Developer is proud to partner with RPM Real Estate Group to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.

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Article originally posted at: https://theurbandeveloper.com/articles/rpm-real-estate-group-appointed-head-sale-large-scale-residential-development-site-melbournes-north