- The masterplanned residential community will offer 450 lots
- The 44-hectare site is located near the Shepparton town centre in Victoria
- Construction is expected to kick off in 2025
Melbourne based property developers, Goldfields Group, have acquired three adjacent sites in northern Victoria which are to become a masterplanned residential community with close to 450 lots.
The 44-hectare space is located close to Shepparton, a town known for agriculture and manufacturing. Shepparton was considered an unsung property hotspot in Australia after being dubbed a rising market in a report by Herron Todd White mid last year.
Goldfields’ National Director of Communities, Paul Cicchiello, believes the recent purchase highlights the company’s strategy of targeting strategic opportunities in Victoria’s regional growth areas.
“Demand for residential land across regional Victoria continues to grow, and Shepparton is no exception.”
Paul Cicchiello, Goldfields’ National Director of Communities
“It’s experiencing significant population growth, which is supported by infrastructure investment from the Victorian and Federal governments,” he said.
“Goldfields is excited to meet this demand to ensure Shepparton can continue to thrive. Our approach will deliver a functional, quality community that adds value and celebrate Shepparton’s natural surrounds.”
The site is a part of the Victorian Planning Authority (VPA)’s Shepparton South East Precinct Structure Plan (PSP). The Goldfields development will contribute towards around 2,500 homes that are intended in the plan.
A spokesperson from the VPA spoke to The Property Tribune regarding the acquisition.
“The VPA is really excited to see this key project move ahead in Shepparton and is a great example of the work we are doing to meet the unprecedented demand for new housing in regional Victoria,” they said.
This PSP is the largest of five proposed development corridors in the Shepparton-Mooroopna urban area.
Residents of the estate will enjoy close proximity to facilities in the Shepparton town centre, such as schools and supermarkets.
Goldfields’ CEO Lachlan Thompson said the project would offer green spaces along with amenities.
“These sites are perfectly positioned in the Shepparton South East PSP, providing residents access to an excellent array of amenities.
“This new urban development will create an interconnected community with easy access to existing retail centres, extensive aged care accommodation, local parks and other community facilities.”
“Shepparton has a history of low rental vacancies and strong yields for investors. It’s also more affordable than similar regions in rural Victoria, such as Ballarat and Bendigo, and these factors contributed to our belief in the area,” he said.
Construction is anticipated to commence in 2025.
