Lifestyle spends $15m on west Melbourne land

Lifestyle Communities is paying c$15 million for a 7.11 hectare Aintree site with plans for an over-55s village.

Lifestyle Communities is spending a speculated $15 million on an over-55s village site at Aintree, a near-new west Melbourne suburb.

Woodlea Joint Venture, comprising Mirvac and Victorian Investments & Properties (VIP), was the vendor.

At the south east corner of Fields Street and Trooper Drive, and extending east to Frontier Avenue, the 7.11 hectare tract was offered with concept plans for 122 independent living units and 45 apartments.

Knight Frank’s Ed Wright marketed it along with a small neighbouring portion carrying a development proposal for a 91-bed aged care complex.

Woodlea JV will instead retain that piece for residential.

The Lifestyle property is opposite Woodlea Town Centre, under construction and set to contain a Coles, 20 specialty stores, medical centre, allied health tenancy, and pharmacy.

The purchaser is behind three other west Melbourne villages, at Plumpton, Melton (Brookfield) and Tarneit.

Over-55s arrives at Woodlea

VIP has owned the 711 hectare parcel making way for Woodlea for more than two decades.

Until a City of Melton reclassifying in 2016, it was part of Rockbank.

The land was a focus of a Precinct Structure Plan approved eight years ago (story continues below).

In 2015, the estate’s first subdivided housing blocks hit the market.

Some 3000 dwellings have since been constructed, Mr Wright said.

The area’s population exceeds 6,000, he added.

Woodlea also contains a primary school, operated by Bacchus Marsh Grammar, three childcare centres, a community hall, two football fields, a sporting pavilion, 10 tennis courts, skate park and eight playgrounds.

Upon completion the VIP tract is estimated to accommodate another 400,000 people in some 170,000 homes.

Three more primary schools and a secondary college are also planned.

Aintree is 29 kilometres from the city.

The Lifestyle site is 850 metres from Rockbank train station.

Mirvac turns 50 next year.

Woodlea Town Centre, under construction across the road.

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Marc Pallisco

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

Marc Pallisco