A group of landowners have announced a partnership with Victoria-based Newland Developers for its 1,000+ hectare site in Geelong’s northern suburbs. The project, according it the initial marketing materials, is being touted as “one of the largest in Australia”, with an estimated 15,000 new homes in it. The new suburb will set next to Norlane and Corio, and will be built by Newland.
Know as Lovely Banks, the project is being lead by The Lovely Banks Development Group. The LBDG was established by a consortium of landowners wishing to develop their land holdings in the precinct.
Riverlee, Bamfa Properties, The Costa family’s investment group Costa Asset Management and Sunrise Ventures are the four developers that comprise the landowner consortium. The group was formed specifically to enable the landholders to manage the site as a single 1,000 hectare-plus land-holding.
Speaking on behalf of LBDG, Property for Costa Asset Management General Manager Todd Devine says the project would create 2,000 jobs in the region over the next two years, which could see hundreds of lots to social and affordable housing, spanning a 10-year development timeline. Marketing collateral shows the precinct would comprise five town centres, 10 new schools, and community facilities, and that the project’s first stage includes approximately 2,500 lots, which is about 20% of the site.
South-east of Melbourne City, plans are in place for new suburb Pakenham East, one of six major greenfield development sites fast-tracked by the Victorian Planning Authority.
What do you think about this new suburb?