An opportunity to help double the population of the Melbourne township of Bacchus Marsh has arisen, with a private landowner listing a 107-hectare parcel with the potential to be subdivided into more than 1300 house blocks.
The site, about 45 kilometres north-west of the CBD, is included within the Victorian Planning Authority’s Merrimu Precinct Structure Plan (PSP), which, upon approval, expected within two to four years, aims to add about 7000 housing lots to the area.
“Our clients have spent an enormous amount of time and work to get the land into a PSP status and will now leave the PSP journey up to the next owner,” Mr Nagle said.
Mr Egan added that the parcel will be “a very affordable buy” for a long-term minded land buyer.
“With the average parcel of residential zoned land now at circa $1 million per hectare, this land at circa $200,000 per hectare will have plenty of uplift.
“We expect that this land will allow buyers to actively participate with the VPA in a new priority project for 2018-2020,” Mr Egan said. “When completed, the new owners will achieve great results from a value point of view”.
Mr Egan added that this site, known as 1 Flanagans Drive, Merrimu, will encapsulate “the vast majority” of Bacchus Marsh’s growth up until 2041 – with the local population expected to double in that time to about 40,000.
In July, developer ID_Land paid $61.1 million for a 75 hectare site at 39 Willowbank Road, in Gisborne, about 54 kilometres north-west of the Melbourne CBD, near Sunbury. The vendor, the Duggan family, had owned the parcel, abutting the Calder Freeway, since the early 1900s. This site is now mooted to make way for a $250 million housing estate.