Land rezoning paves way for new $1 billion project
A new residential land project– assembled in a popular corridor of Melbourne’s South East where land supply is scarce -– has been launched by Intrapac Projects and joint venture partner Brencorp Properties.
Intrapac has recently released the first two stages of its project Somerfield to high demand: Close to 100 lots have already sold. When completed, Somerfield will comprise 1500 lots and a value approaching $1 billion based on combined value of land and homes.
Somerfield is located between the suburbs of Waterways and Dingley Village; south of Cheltenham Road and Eastlink, adjacent to Keysborough Golf Club and near Haileybury College.
David Payes, Executive Chairman of Intrapac said: “We’ve been very pleased with the initial response to Somerfield, particularly within the second and third-home buyer market. Many developments on Melbourne’s urban fringe have experienced a good uptake among first -home buyers, spurred on by government grants. By contrast at Somerfield, which is an infill site, the majority of purchasers are second or third-home buyers who are seizing the opportunity to upgrade and create their own home in an area they desire to live in and that has the existing amenities they need.”
Intrapac says the encouraging buyer response is in a large part due to Somerfield’s prime location and close proximity to existing infrastructure and amenities such as Haileybury College and Monash University and Parkmore and Southland Shopping Centres. Furthermore there’s good existing roads and transport infrastructure, such as Eastlink, nearby and in place.
Mr Payes said: “While there are many land developments around Melbourne’s outer growth corridors, there are very few opportunities to buy land in an established area that already has the facilities a family needs such as close access to schools, transport, freeways and shops. These attractions have been a real drawcard for Somerfield.
He added that in creating Somerfield, Intrapac was particularly mindful of the natural environment and the site’s horticultural history.
“Much of this land was previously used as a market and community gardens. We’ve referenced this in the design, and sought to bring this element of the site’s history to life by keeping about 20 per cent of the area as open spaces,” Mr Payes said.
Given the scale of the project and its planning intricacies Intrapac undertook a comprehensive process to have the land rezoned. Mr Payes said they worked closely with the City of Dandenong to achieve the best possible planning outcome.
“Somerfield wasn’t just a large tract of land waiting to be developed. In fact it was a number of vacant sites, with multiple land owners and all sorts of zoning and planning restrictions. We had to work very closely with the City of Greater Dandenong to have the land rezoned and ensure that there was a net gain for the environment and the local community.
“It has been quite an extensive process to acquire these separate parcels of land to create a contiguous area suitable for residential development and address the design, environmental, sustainability and traffic management issues. But it has been a worthwhile process to ensure a great outcome for the community and future residents,” he said.
Mr Payes says this approach is core to Intrapac’s business strategy.
“At Intrapac we’re focused on finding the opportunities that will add value for our investors, buyers and the community – we’re not just about finding the cheapest or easiest project. We’re prepared to apply rigorous analysis and take on some primary risk to create new property projects that offer excellent growth potential – and it is an approach that has worked well for us.”
Intrapac Projects Pty Ltd is a privately owned property development company that has been in operation for 25 years. Focusing on residential projects, Intrapac has won several Urban Development Institute of Australia awards. The most recent award was for The Quay, a residential project in Torquay which won the UDIA Excellence Award in 2008.
Intrapac’s joint venture partner Brencorp Properties, a subsidiary of Peter Scanlon’s Taverners Group, has been involved in developments in South East Queensland, Victoria and South Australia for 20 years. Its senior management team had previously been involved in a number of large master planned developments in the eastern states.
Mr Payes said that Intrapac and Brencorp Properties have partnered to deliver various projects over the past twenty years. Brencorp is a strategic partner and investor in the project.