The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
TUD CELEBRATES QLD STATE OF ORIGIN VICTORY 2-FOR-1 URBANITY TICKET DEAL - BUY TODAY
CELEBRATING QLD STATE OF ORIGIN VICTORY 2-FOR-1 URBANITY TICKET DEAL
GET DISCOUNTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
PlanningRenee McKeownWed 27 Jan 21

Melbourne’s South-East Fueled by $120m Lendlease Deal

2f3610eb-2320-4985-8689-317b54bdb003

Property demand in Melbourne’s southeast is showing no signs of slowing with the number of new estate launches jumping from seven to 16 in the past two years.

The 129 per cent growth is expected to be further fuelled by developers spending up big to move into the region's newest suburb.

Lendlease is the latest developer to move forward with plans after picking up two rural properties for around $120 million in Pakenham East.

The transaction is a joint-venture between local farmers and the developer with final price to be ultimately determined by revenue from the project.

The 113 hectares of land is across three titles and is currently used for cattle farming.

Lendlease is expected to lodge a development application for the site which is estimated to deliver 1,100 lots.

Related: Lendlease, Aware Super Strike LA Development Deal

▲ The Pakenham East entire concept plan, the new suburb is one of six fast tracked by the Victorian Planning Authority.


The Pakenham East suburb was approved in January with greenfield developers Satterley and Parklea also set to develop estates within the area, which is located 65 kilometres from the Melbourne CBD.

Once complete, the suburb will include 7,200 homes, a town centre, four schools, three community centres and 44 hectares of parks and sporting reserves.

Core Projects acquisitions manager Kane Malcomson brokered the deal with colleague Trent Malcomson.

“The farmers were on the land for the better part of 40 or 50 years, so to partner with a group like Lendlease is fantastic,” Malcomson said.

Related: Home Builder Take Up Doubles Expectations

Demand for new homes across Melbourne’s southeast has grown swiftly, boosted by government stimulus programs such as the federal government's HomeBuilder grant.

Lot sales within Lendlease’s Pakenham East estate are set to commence in 2021.


Join us 18 March 2021 as we explore how the property industry plans to transform Pakenham East. Click here to purchase your ticket.

ResidentialAustraliaMelbourneReal EstatePlanningPlanningDeal
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
View All >
Maroochydore Habitat The Millwell render hero
Residential

Midrise Project Breaks Ground as Sunshine Coast Ramps Up

Phil Bartsch
Bridgewater Gagebrook Brighton Derwent River from Granton
Planning

Scheme to Unlock 362 Lots in Tasmania Revealed

Leon Della Bosca
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
The 551-unit proposal that includes co-living and build-to-rent homes, would lean into the group’s off-site building met…
LATEST
Maroochydore Habitat The Millwell render hero
Residential

Midrise Project Breaks Ground as Sunshine Coast Ramps Up

Phil Bartsch
3 Min
Bridgewater Gagebrook Brighton Derwent River from Granton
Planning

Scheme to Unlock 362 Lots in Tasmania Revealed

Leon Della Bosca
3 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Development

Brisbane Needs Big, Hairy, Audacious Goals and a Plan: Peter Edwards

Taryn Paris
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/melbournes-south-east-fueled-by-120m-lendlease-deal