Victorian Surf Coast locals Jack Townley and Albert Weddell are scaling up their ambitions for greenfield developments.
The pair have been friends for 20 years but it was only recently that they paired up to build TW Projects and take on the greenfield market in regional Victoria.
And it’s a partnership that is bearing fruit with Townley’s civil construction background and Weddell’s experience in the greenfield market turning dirt across the state, with 900 lots and 15 communities in their work book.
“We are really passionate about the regions,” Townley said.
“We understand the regions and that gives us an upper hand in many areas.”
They recently padded out their portfolio to $300 million with the acquisition of a 9.7ha site at Yarrawonga, which will be carved up into 105 lots, and another site at Warragul where Townley said they were putting forward a $55-million scheme for 150 lots.
Yarrawonga will be targeted at retirees looking for lifestyle with a lake and golf courses nearby, while Warragul will have a different demographic.
But it’s not just a tick-and-flick exercise for TW Projects. Townley said they were focused on creating legacy across their communities.
“We want to build places where people love to live,” he said.
“We started with a five-lot project, then seven and then got up to 50 lots. We want to provide people with more affordable options and bigger lot sizes.”
While the heat may have come out of the market following the significant pull forward of first-home-owner activity during the pandemic, Townley said the deals were still flowing through.
“We’ve just launched five projects in the past two months and the sales are still flowing through,” he said.
“With a couple of strong quarters of immigration and interest rates coming down, I just can’t see a time where the market won’t continue to improve.”
Townley said the volume-builder crashes had put a dent in buyer confidence but TW Projects was focused on partnering with trusted home builders.
The pair’s biggest undertaking will be a 350-lot development at Colac about 150km south-west of Melbourne.
