Caroline Springs – realestatesource https://www.realestatesource.com.au Commercial and residential property news Fri, 30 Jun 2017 00:23:21 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.3 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Caroline Springs – realestatesource https://www.realestatesource.com.au 32 32 Administrators to Recover Just Half of Mowbray’s Debts From Campus Sales https://www.realestatesource.com.au/administrators-to-recover-just-half-of-mowbrays-debts-from-campus-sales/ Mon, 27 Aug 2012 04:06:22 +0000 http://realestatesource.com.au/wordpress/administrators-to-recover-just-half-of-mowbrays-debts-from-campus-sales.html ADMINSTRATORS for defunct western suburb private college Mowbray are likely to recover just half of the school’s $18 million debts from the sale of its three campuses alone.

In what is described as a complicated sale campaign in which value will depend on potential land usage and in particular if the sites can be rebuilt as residential projects – the three school campuses are speculated to be worth a total of about $9 million.

The largest school – the 17.75 hectare Patterson campus in Melton is expected to sell for about $6 million, according to sources. Two smaller campuses in Caroline Springs, including the 1.25 hectare Residential 1 zoned Town Centre Campus at 183-191 Caroline Springs Boulevard, and the 1.06 hectare Brookfield campus at 5 Stevenson Crescent are expected to each reap about $1.5 million.

]]> The two Caroline Springs campuses are the most suitable for medium density residential redevelopment.

Sources say private schools seeking an avenue into the growing western suburb private school market see the Melton campus in particular as a chance to buy well below cost price.

CBRE and Fitzroys are representing administrator Deloittes marketing the three ex-Mowbray sites.

 

]]> Caroline Springs, Deer Park and Burnside Suburb Profile https://www.realestatesource.com.au/caroline-springs-deer-park-and-burnside-suburb-profile/ Sun, 30 Mar 2008 10:16:27 +0000 http://realestatesource.com.au/wordpress/caroline-springs-deer-park-and-burnside-suburb-profile.html Caroline Springs is one of Melbourne’s newest, and often joked about suburbs, located about 25 kilometres west of the CBD.

]]> Effectively a fancy name for a pocket of Deer Park, Caroline Springs is bound by Rockbank to the west, St Albans to the east, Truganina to the south and Hillside and Taylors Hill to the north.

The Caroline Springs postcode (3023) is shared with Burnside, Burnside Heights, Ravenhall and Cairnlea.

The entire Caroline Springs precinct is in danger of being oversupplied in 2008, as interest rate rises force many residents – largely of first home buyers – into receivership.

When there is more supply of homes than demand, values go down.

According to the REIV, Caroline Spring’s median house price for the year ended December 31, 2007, is $303,000, up 5.6 per cent since last year.

Values in Deer Park over the same period increased 35.4 per cent to $297,900. In Burnside median values were steady on last year, at $285,000. The REIV does not have statistics on sales in the Cairnlea region.

By comparison, median values increased 12.6 per cent for homes in metropolitan Melbourne, to $425,000.

The REIV annualised median figures are considered more statistically reliable than the quarterly figures released throughout the year, because they include a much greater sample of sold properties.

]]> Melbourne’s Newest Suburb is Rezoned: Taylors Hill West https://www.realestatesource.com.au/melbournes-newest-suburb-is-rezoned-taylors-hill-west-2/ Wed, 27 Oct 2010 04:01:00 +0000 http://realestatesource.com.au/wordpress/melbournes-newest-suburb-is-rezoned-taylors-hill-west-2.html HAVING built a freeway to Caroline Springs to help ease newfound traffic congestion, the government has now rezoned a major tract of western suburb land to make more efficient use of the existing infrastructure.

Planning Minister Justin Madden this week approved for the residential redevelopment of 220 hectares abutting the north-western edge of the fully developed Caroline Springs housing estate, about 23 kilometres from town.

The affected land is bordered by Beattys Road to the north, Taylors Road to the south and high voltage transmission lines to the west.
]]> In documentation, the Melton Shire Council and government define the area as Taylors Hill West (Taylors Hill being two suburbs closer to the city). However it is known locally as Plumpton which shares the same postcode as Rockbank.

It’s expected the parcel will make way for 2300 dwellings housing 6500 residents.

Welcoming Planning Minister Justin Madden’s decision, council said City Vista Court will now be extended to Beattys Road. A new intersection will extend from Hume Drive, a major thoroughfare of the adjoining Caroline Springs estate.

In coming months Minister Madden is also expected to approve a major redevelopment of a mixed-use precinct known as Toolern Vale, west of Rockbank.

]]> Melbourne’s Newest Suburb is Rezoned: Taylors Hill West https://www.realestatesource.com.au/melbournes-newest-suburb-is-rezoned-taylors-hill-west/ Wed, 27 Oct 2010 04:01:00 +0000 http://realestatesource.com.au/wordpress/melbournes-newest-suburb-is-rezoned-taylors-hill-west.html HAVING built a freeway to Caroline Springs to help ease newfound traffic congestion, the government has now rezoned a major tract of western suburb land to make more efficient use of the existing infrastructure.

Planning Minister Justin Madden this week approved for the residential redevelopment of 220 hectares abutting the north-western edge of the fully developed Caroline Springs housing estate, about 23 kilometres from town.

The affected land is bordered by Beattys Road to the north, Taylors Road to the south and high voltage transmission lines to the west.
]]> In documentation, the Melton Shire Council and government define the area as Taylors Hill West (Taylors Hill being two suburbs closer to the city). However it is known locally as Plumpton which shares the same postcode as Rockbank.

It’s expected the parcel will make way for 2300 dwellings housing 6500 residents.

Welcoming Planning Minister Justin Madden’s decision, council said City Vista Court will now be extended to Beattys Road. A new intersection will extend from Hume Drive, a major thoroughfare of the adjoining Caroline Springs estate.

In coming months Minister Madden is also expected to approve a major redevelopment of a mixed-use precinct known as Toolern Vale, west of Rockbank.

]]> Planning Strategy Affecting 2400 Hectares Between Caroline Springs and Melton Being Formalised, Tenders Called https://www.realestatesource.com.au/planning-strategy-affecting-2400-hectares-between-caroline-springs-and-melton-being-formalised-tenders-called/ Sun, 14 Mar 2010 17:04:36 +0000 http://realestatesource.com.au/wordpress/planning-strategy-affecting-2400-hectares-between-caroline-springs-and-melton-being-formalised-tenders-called.html THE FORMER “thoroughbred country” of Melton is a step closer to becoming part of metropolitan Melbourne, with the council formalising a major planning strategy affecting 2400 hectares of vacant land - effectively creating two new suburbs and allowing for the area’s population to more than double within 15 years.

The affected land between Paynes Road at Rockbank (some 30 kilometres from town) and Toolern Creek, at Melton South (40 kilometres away) is proposed to make way for two new activity centres, shops, offices, a new train station, and low, medium and high density residential.
]]> The Melton Shire council is now seeking a private investment partner to help create the first of several new western suburb communities, in a move expected to add 22,000 dwellings and increase population from 43,000 currently, to 100,000 by 2026.

The plan also allows expansion land for Harness Racing Victoria, which relocated from Moonee Valley to a new $40 million Melton facility last July.

The wider Melton Shire Council area, which also includes housing estates much closer to the city, is one of the country’s fastest growing municipalities, with population forecast to hit 144,000 by 2016, up from 103,000 currently.

In 1970, the population of Melton – about midway between Melbourne and Ballarat – was 4000.

Planning Minister Justin Madden is expected to approve the Toolern Precinct Structure Plan in June, with a developer expected to be appointed by December. Subdivision works will be carried out in the middle of 2011 with construction set to start soon after.

A council spokesman told Capital Gain more than 35 developers, consultants and other interested parties have already shown interest in the proposal to develop the first 512 hectares of land (381 hectares of which will be residential), currently owned by the council.

Property heavyweights including Delfin Lend Lease, MAB Corporation, Mirvac and Stockland are expected to be in the mix of joint venture partners.

Stockland recently paid $56.5 million for a 124 hectare development site in nearby Leakes Road capable of yielding 1300 dwellings.

Upon completion of the entire 2400 hectare redevelopment, just one Western Highway exit will divide the invisible line where Melton begins and metropolitan Melbourne ends – loosely considered the 1996 housing estates of Caroline Springs and Burnside – which actually share the same postcode as Deer Park.

All up more than $15 billion, spread as $9 billion for residential and $6 billion for commercial, will be spent in Melton, making it a bigger urban regeneration than Docklands ($12 billion).

Melton is expected to become more convenient to access by car, if a recently proposed outer ring road is developed, connecting the precinct to Melbourne Airport and an interchange at Oakland Junction, near Sunbury, better connecting outer western industrial operators to the Hume Freeway.

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