The 2,500 home YarraBend Development, coupled with the building of the new Chandler Highway bridge, will change the face of Melbourne’s Northern suburbs and see a boom in property prices, according to developer Glenvill.
Glenvill CEO Len Warson said suburbs North of the Yarra are currently under-valued considering their close distance to the CBD, in particular Alphington and Fairfield.
“Access to the suburbs North of the Yarra has always been difficult due to the bottleneck at the Chandler Highway Bridge, however with its widening to six lanes, accessibility immediately increases and the entire area is given a boost,” said Mr Warson.
“YarraBend will be a new Northern gateway opening up a huge parcel of river front land to the public that was previously industrial and inaccessible.
"This can only have a positive effect on real estate prices in the area,” he said.
After having received a unanimous Development Plan approval from City of Yarra in December 2015, YarraBend has already sold over half of its first release of house and land packages with advertised prices for three to five bedroom homes starting at $1.48 million.
The development is so large it can be considered a mini-suburb. YarraBend will feature architecturally designed freehold homes, town houses and apartments.
It has been meticulously master planned to include amenities such as a wellness centre with indoor pool and sauna, gymnasium, indoor and outdoor gym equipment, playgrounds, parks, green rooftops, as well as outdoor seating and barbecues scattered throughout.
Residents will also enjoy the convenience of an onsite retail precinct including major supermarkets and boutique retailers, as well as a curated hospitality precinct featuring notable wine bars, cafes, restaurants and specialty grocers.
YarraBend achieved a six star rating for sustainability, certified by UDIA EnviroDevelopment. UDIA Victoria Chief Executive Officer Danni Addison said the development leads the way in sustainability and could be one of the most environmentally sustainable developments in Australia.
Yarrabend: The World’s First Tesla-Powered Town]Surrounded by lush parklands, YarraBend is situated within 450 metres of public transport and major arterials, combining accessibility and easy living at the heart of the riverside suburb. Additionally the new Chandler Highway bridge will soon be widening to six lanes.
“Our aim was always to deliver a development that will have a positive impact to Alphington and surrounding area and stay true to an urban regeneration project that will be enjoyed by YarraBend residents and a destination for all of Melbourne to come and enjoy,” said Mr Warson.
With its unique combination of open green spaces and inspiring design, YarraBend is where new technology and old traditions meet on the banks of the Yarra River.