In this week’s two minute property investment news video I talk about the redevelopment of 72 hectares of land in Melbourne’s western suburbs.
Melbourne residents have a very big development on their city’s fringe.
A major milestone for the redevelopment of a site half the size of the Melbourne CBD has been reached after an official rezoning of about 72 hectares in Melbourne’s west.
Victorian Planning Minister Matthew Guy says the strategically located land at Deer Park was almost unprecedented, creating a once-in-a-generation opportunity to create a significant economic catalyst.
Orica Deer Park is situated 15 kilometres west of the Melbourne CBD and 11 kilometres southwest of Melbourne International Airport.
The area also has ready access to arterial road and rail networks too, and the project is expected to create up to 3600 jobs during its development.
Site remediation works have already commenced with development works scheduled to start in the 2016/17 financial year, so it will be interesting to watch how supply and demand balance out in the suburb over the coming decade.