Goldfields Group has snapped up another regional Victorian housing estate site, this time at Shepparton.
The 44 hectare parcel (outlined, image, top), affected by the Shepparton South East Precinct Structure Plan – the largest of five growth corridors in the Shepparton-Mooroopna area – is trading for $15 million.
A 450-lot subdivision is planned with construction to kick off in 2025.
The acquisition comes 13 months since the developer purchased a 40ha Ballarat block, able to yield 430 dwellings.
Last month Goldfields outlaid $8m for a 47.12ha housing estate site at Margaret River – its maiden Western Australian property – likely to make way for over 400 homes.
Goldfields moves to Shepparton
The Shepparton holding – three adjoining sites – is near the Shepparton train station, the line of which state government is upgrading to deliver quicker travel times to Melbourne.
It is also close to the Shepparton town centre, schools and retail, including two supermarkets, a Bunnings and Kmart.
Goldfields national director of Communities, Paul Cicchiello said the purchase forms part of plans to invest in regional growth areas.
“Demand for residential land across regional Victoria continues to grow, and Shepparton is no exception,” he added.
“It’s experiencing significant population growth, which is supported by infrastructure investment from the Victorian and federal governments,” according to the executive (story continues below).
A history of low vacancy: Goldfields
Goldfields chief executive officer Lachlan Thompson said the Shepparton proposal will deliver an offering unrivalled in the area.
“These sites are perfectly positioned in the Shepparton South PSP, providing residents access to an excellent array of amenities,” he added.
“This new urban development will create an interconnected community with easy access to existing retail centres, extensive aged care accommodation, local parks and other community facilities,” according to the executive.
“Shepparton has a history of low rental vacancies and strong yields for investors.
“It’s also more affordable than similar regions in rural Victoria, such as Ballarat and Bendigo, and these factors contributed to our belief in the area”.
Goldfields is also proposing a housing estate at Kyneton.
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