Pakenham’s last Big Housing Site set for Avid Master Planned Community

29 August 2022

The last substantial greenfield residential development site in Pakenham, one of Greater Melbourne’s most competitive growth areas, will come to market in 2023, with AVID Property Group planning a 400-lot community for the 30.5 hectare site on Abrehart Road.

The project will be AVID’s eighth Victorian project and will bring to Pakenham a fully master planned community of a standard not yet seen in the area. The community will house more than 1200 people and feature more than 10 hectares of green space, park and recreation facilities and a range of housing options.

AVID Property Group CEO Cameron Holt said the acquisition allowed the developer to expand its position in Victoria, on the back of its other seven communities across the State, including Hillstowe in nearby Officer which is 95 per cent sold.

Mr Holt said, “The Pakenham site is more than double the size of Hillstowe and is a clear statement of our intent to expand our portfolio and geographical footprint – building on our presence in the region and Victoria more broadly.”

AVID Property Group has driven substantial and strategic growth over the last five years and is fast approaching Australia’s ‘top five’ residential developer status, with a $4.9 billion pipeline of projects across the eastern seaboard – and further substantial growth forecast.

AVID’s growth path puts it on track to double in size over the next three years.

“We’re catering to the demand we’ve seen as a business, so this acquisition is highly aligned with AVID’s business plan and capital investment strategy,” Mr Holt said.

“We’ve made no secret of our appetite for growth and this site strengthens our future pipeline in what is still very much a supply constrained market in Greater Melbourne.

“While economic conditions may have shifted due to the pandemic and broader global conditions, there remains extremely strong, borderline aggressive demand from buyers in this thriving south-east corridor.”

Adjoining Abrehart Road and Princes Highway, the site is the last available greenfield lot of its size and calibre in Pakenham. It sits adjacent to Deep Creek and its elevated position offers expansive surrounding views.

Mr Holt said “We had a lot of competition in securing this land and rightly so. It’s the last significant greenfield site available in the otherwise tightly held area.

“The site has great potential thanks to the natural topography and location, and we’re looking forward to bringing it to life over the coming years.”

AVID’s Pakenham site is within walking distance to Cardinia Lakes Shopping Centre, Cardinia Lakes Primary school, and the soon-to-be-completed East Pakenham Railway Station.