First Major Development Site Within Melbourne’s Revised UGB Hits The Market

By 2030, it’s expected vacant tracts of land within City of Wyndham zoned suburbs, including within Truganina and Wyndham Vale, will be replaced with workplaces and housing, and contribute to the council area’s population rising to 430,000.

“The Tarneit (train) line will ensure the future population west and north of Werribee will be within five kilometres of a railway line instead of around 10 kilometres, which will significantly improve the local amenity,” said JLL director Dominic Gibson who is marketing the site with Matthieu Lucas.

He added last month’s extended gazettal of the Urban Growth Boundary will centrally place the 1070 Sayers Road property in the next development stage of the Wyndham area.

Housing estates have been encroaching toward the site in recent years, with major developers in the area including Devine Limited, Peet & Co and Stockland.

In April, Central Equity – renowned for building high rise inner-city apartments – paid a reported $24 million for a 20.5 in Point Cook, another first home buyer enclave, south of Tarneit.

Months later, Queensland-based Pask Group paid about $31 million for a 24 hectare Point Cook development site.

Last week the State Government announced it would expand the urban growth boundary by some 45,000 hectares, incorporating Green Wedge land, mostly in Melbourne’s north and west.

That move is expected to make way for a new wave of commercial and residential development.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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