|
Written by Marc Pallisco
|
|
Tuesday, 29 June 2010 09:58 |
|
 DEVELOPERS and land owners are rubbing their hands with excitement at the prospect of a roundabout being developed at the Avenue of Honour in Bacchus Marsh, north-west of Melbourne.
Large tracts of used and disused farmland in the pockets around the proposed new road - including around Hopetoun Park, Parwan and Pentland Hills - are expected to be redeveloped as housing estates in coming years.
Tenders closed for one such site this week: the massive 168 hectare Underbank Stud Farm.
The property was marketed with plans, but not a permit, for a subdivision yielding up to 2000 residential lots.
Bacchus Marsh has a train station and is therefore on the hit-list of government planners who have focussed on developing around existing transport hubs instead of building new ones.
Colliers International’s Theo George is expecting about $17 million for the estate which is spread over three titles and two suburbs: Bacchus Marsh, and Pentland Hills.
Redevelopment of farmland around Bacchus Marsh would see the suburb follow the direction of other former rural hotspots, including Melton and Sunbury nearby.
The state government is planning to build a roundabout at the intersection of Woolpack Road, demolishing up to 11 elm trees in the prominent 3.3 kilometre stretch of Bacchus Marsh Road, known as the Avenue of Honour.
|
