Resolution & Monark Embark on Second Joint Venture Project with Acquisition of $44 Million Greenvale Infill Site Earmarked for 300 Dwellings

Melbourne-based real estate developer, Resolution Property Group (Resolution), and Liberman family-backed property financier, Monark Property Partners (Monark), will embark on their second joint venture project with the acquisition of a 15-hectare infill site for $44 million, in the established suburb of Greenvale, around 20 kilometres north of Melbourne’s CBD.

Located at 800 and 820 Somerton Road, the vacant parcel is one of the last undeveloped englobo sites in the undersupplied Greenvale area. The acquisition follows the success of the partners’ $100 million Harli community in Cranbourne West — a 7 Star NatHERS-rated, zero-carbon development that is now nearing completion.

Bound by Mickleham and Somerton Roads, the Greenvale site is currently in an Urban Growth Zone (UGZ), having been brought into the Urban Growth Boundary (UGB) via the Logical Inclusions Process in 2012. Resolution is working with the Victorian Planning Authority and City of Hume to finalise the Somerton Road PSP, allowing the planned delivery of around 300 dwellings in one of the most supply-constrained localities in Melbourne’s growth areas.

With an anticipated end value of $135 million, the planned Greenvale community will offer a mix of residential lots and townhomes, including a provision of affordable housing, with lots ranging in size from 186 square metres to 512 square metres, as well as a two-hectare linear park connecting the site from the north to south.

The joint venture partners see the Greenvale site as an opportunity to deliver much-needed housing in a sought-after and undersupplied market, with Resolution Director Jeremy De Zylva saying that the acquisition is consistent with Resolution’s strategy to build a pipeline of infill sites in established growth-corridor locations, surrounded by existing amenity.

“Our community masterplan aims to meet the high demand for housing, including affordable housing, in an undersupplied market which is close to employment, all of which supports the Victorian Government’s Housing Statement. We look forward to finalising the Somerton Road PSP and planning permit approval in the coming months.

Monark Director, Michael Kark, said “The Greenvale West Precinct Structure Plan (PSP) which surrounds our new Greenvale site is now entirely developed, with all estates now sold out. Greenvale has strong similarities to suburbs like Point Cook in the south-west and Berwick in the south-east where the development front is now located significantly further out. These are considered true infill suburbs and tend to have the highest median land values across the Melbourne greenfield market which sets a good precedent for our project.”

Located only eight kilometres from Melbourne Airport and Business Park, the Greenvale site is close to the Woodlands Historic Park, with a sporting precinct, schools and shopping centres all within 500 metres. The future community will be supported by improved infrastructure with the Mickleham Road and Somerton Road intersection by Major Road Projects Victoriarecently completed.

Resolution and Monark anticipate that the necessary planning approvals will be obtained within the next three-months, with lots available to purchase in Q3 of 2025 and construction of the first stage expected to commence in early 2026.