Geelong developer enters Melbourne with $20.6m site
A lucky family has sold a Melbourne farm – now at the centre of a growth corridor – to Geelong based TW Projects which will deliver a project with the Boris Liberman Family Office controlled Monark Property Partners.
The 11.1 hectare site, 2331-2339 Western Highway, Rockbank, traded for $20.6 million including GST following a campaign launched mid-last year.
Zoned Urban Growth, within the approved Rockbank Precinct Structure Plan area, it is set for a 257-lot subdivision.
The parcel is surrounded by established housing estates near Rockbank train station and Woodlea Town Centre.
In a show of how fast values are rising in the suburb, Oreana in 2024 paid $27.91m for the 29ha ex-hobby farm next door.
Also last year, Woolworths’ development arm, Fabcot, bought the Rockbank North Town Centre site, spanning 12.3ha in nearby Aintree, for $24.75m.
A neighbouring similar sized block is also being replaced by Countryland, owned by ex-local councillor, Intaj Khan.
The TW site was offered by the Borg family which paid $310,000 in mid-2000.
Rockbank is about 28 kilometres west of the CBD (continues below).
Maiden Melbourne project
TW has delivered seven projects, all in regional Victoria.
It plans to develop more Melbourne sites.
The end value of the Western Hwy project is estimated to be $100m.
Dwellings are expected to target first and second home buyers and investors.
“Rockbank had emerged as a key growth location within Melbourne’s west, supported by transport connectivity and ongoing residential expansion…[continuing] to emerge as one of Melbourne’s most important growth fronts” TW Projects director, Jack Townley, said.
“It benefits from valuable existing amenity, strong transport connections and a level of housing demand that we expect will underpin the project’s success over the long term,” he added.
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