Delfin Lend Lease Pays $30 Million For Plumpton Block, Melbourne

It’s expected the Plumpton land will be rebuilt as a $300 million plus residential village with about 900 compact blocks and a shopping centre.

Late last year, the Melton Shire Council– which controls the Plumpton land – also entered a joint venture with Delfin Lend Lease to redevelop 381 hectares of former farmland into a $1.2 billion suburb Toolern. That development, abutting Melton South, will yield 4500 lots and is expected to accommodate about 14,000 people.

Since the former state government last dramatically expanded Melbourne’s Urban Growth Boundary, The Age has reported major builders quietly snapping up farms with residential redevelopment potential.

The mid-west suburbs affected are loosely defined as within the triangle bound by Deer Park, Werribee and Melton.

But while the wealthy farmers can move out, those (mostly) first home buyers moving in, are increasingly facing road congestion, overcrowded public transport and a lack of local places to work.

The regional rail link project would have added new tracks and train stations to Melbourne’s burgeoning western suburbs – which in turn was expected to generate suburban commercial interest.

Its future is in doubt because of cost blowouts and what has now been revealed as “chaotic planning” by the former Brumby government.

Funding for part of the rail link project was to have come from the federal government. That money is expected to be redirected to Queensland and Victorian flood recovery investment now.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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