Lend Lease have welcomed the gazettal of the Pakenham East Structure Plan enabling it to progress the acquisition of 113ha for its next Masterplanned Estate.
To be named the Averley Estate, the newly approved suburb of Pakenham East (formerly called Nar Nar Goon) will accommodate more than 1500 homes once fully developed.
The Lend Lease site forms part of a larger precinct which will provide for more than 7200 homes across 630 hectares of rezoned farmland bounded to the north and east of Melbourne’s Urban Growth Boundary, about 60 kilometres south east from the centre of Melbourne.
The new suburb will include a local town centre and convenience centre, two government primary schools, one non-government primary school, one government secondary school, three community centres and 44 hectares of local parks and sports reserves.
This is the first plan to be approved under the Labor Government’s new VPA Fast Track program to provide certainty for communities about future development, a pipeline of development for industry and future jobs and homes for Victorians and unlock $17 billion for Victoria’s economy.
Acting Minister for Planning Lily D’Ambrosio said “We’re ensuring the new community at Pakenham East is supported by the best infrastructure in the right places.”
“Pakenham East will provide an economic boost for the local community, with a pipeline of development for new homes, employment and community infrastructure.”
Lend Lease negotiated land development agreements with local landowners the Wuchatsches and Ruprechts several years ago. The 113 ha site runs from Dore Street to Mt Ararat North Road along the Princes Highway.
Under the deal, Lend Lease will ultimately pay $120 million-$135 million for the land from a percentage of revenue as settlements occur at the estate. The purchase price equates to $1,194,000 per hectare or approx $90,000 per proposed lot.
Just prior to Christmas, Stockland concluded a similar deal in Clyde for 131ha of land, paying approx $130,000 per proposed lot, whilst in June 2019, private developer Goldfields acquired a 71ha land parcel in Clyde North from the Grossi family for $105m ($119,000 per lot).
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