PETALING JAYA (June 28): Seven adjoining landowners have banded together to offer an 84.21ha (208.1-acre) gateway development site in Melbourne’s northern growth corridor.

The land, dubbed The Wallan East Land Parcel, is situated within the Wallan East Precinct Structure Plan and offers potential yield of more than 800 lots (subject to council approval), said Australian real estate firm Fitzroys in a statement yesterday.

The Wallan East Land Parcel is offered for sale via an international expressions of interest campaign closing on Thursday, July 27, 2017.

Zane Alexander and Chris Kombi of Fitzroys are marketing the site, which includes 55 Kelby Lane, 2595 Epping-Kilmore Road, 265 and 345 Wallan-Whittlesea Road and 20, 30 and 40 Hart Court.

Located just 45km from Melbourne’s Central Business District (CBD) and connected by both Hume Highway and Wallan Train Station, the Wallan East Land Parcel has the potential to offer the desired features of a highly functional residential community with ideal amenity for family living, according to Fitzroys.

Alexander said the significant offering is the latest example of a trend that is seeing multiple neighbouring owners combining and offering their properties for sale in order to maximise returns.

“The offering gives purchasers the chance to make their mark on a key gateway position in Melbourne, Australia’s fastest growing city, adding some 100,000 new residents per year.

“Wallan’s growth sees it now providing a transition between the rural activities to the north and east and the urbanised environment to the south and west,” said Alexander.

He added that the property is expected to attract interest from local, interstate and offshore developers.

“Wallan now offers a range of housing choices, with amenities close by and residents have the choice of walking, cycling or using public transport for their daily needs.

“It is positioned close to master planned estates by Frasers Property Group, TRC Synergy, Universal Corporation and Verve Projects, and offers direct access to Melbourne’s CBD via Wallan Train Station,” added Alexander.

Meanwhile Kombi said the Wallan East Land Parcel is “a logical extension to the Wallan township, utilising existing and emerging infrastructure to support the development of an urban community”.

He noted that with Mitchell Shire’s — a local government area in North Melbourne — population growth is expected to double by 2036. The demand for housing will also inevitably grow.

“It is clear that developable landholdings such as this site will play a critical role in ensuring sufficient supply meets the demand,” he added.