Resimax Inks $300m Deal for 2600 Outer Melbourne Lots
Resimax Group has inked a $300-million partnership to help it deliver 2620 lots in a north Melbourne growth corridor.
The Victorian developer has signed the deal with finance partner Banner Asset Management to support the development of Resimax’s two masterplanned communities at Beveridge in one of Victoria’s fastest-growing regions.
The deal will allow early planning, infrastructure delivery and works across the communities, which were acquired by Resimax last year and collectively cover 200 hectares.
Banner will acquire 49.75 per cent equity in each of the Whittlesea local government area projects.
Resimax will retain the remaining majority share. Banner will also provide a debt facility which it said would allow “a long-term funding approach”.
The first community, dubbed Tara, is within the borders of the Lockerbie precinct structure plan (PSP), which outlines the area’s transition from a rural zoned area to a residential community.
It will contain 1170 lots, while the second community, Talisen, will contribute 1450 lots in the Beveridge North West PSP.
Resimax Group founder Aziz “Ozzie” Kheir, said the partnership reflected aligned confidence in Victoria’s northern corridor as population growth outpaces supply.
“One of the biggest challenges for developers is securing long-term capital to progress large-scale communities through these early stages,” Kheir said.
“When capital is in place, developers are in a much stronger position to keep projects moving and bring new housing to market as approvals are unlocked.”
The Beveridge precinct is emerging as part of a “a nationally significant freight and employment corridor”, with long-term implications for Victoria’s ability to support population and industry growth.
“These communities are expected to absorb more than 250,000 new residents over the next two decades. Ensuring that quality land supply can be brought into market efficiently is critical and this partnership allows us to take the necessary steps now,” Kheir said.
The deal marks a considerable levelling up for the Resimax-Banner partnership.
The duo have previously partnered on several developments, including funding for a 71-home townhouse project at Wallan and a multi-stage land release at Eynesbury, 40km west of the Melbourne CBD.
“Our experience funding [these projects] has demonstrated the strength of working together,” Banner Asset Management chief executive Andrew Turner said.
Resimax’s total future development portfolio covers 1400ha and has an estimated end value exceeding $17 billion, the developer said.
The news comes as new housing data from the Australian Bureau of Statistics lands, highlighting the state of Victoria’s housing supply as it slips behind New South Wales for housing commencements.
As of December last year, 54,156 homes were completed for the year in Victoria, marking a 10 per cent drop in completions compared to 2024, according to the Property Council of Australia.
In the final quarter of 2025, Victoria commenced 13,489 homes, flatlining from the 13,552 homes commenced in the previous quarter.
New South Wales, in contrast, had 16,272 homes commenced, up 28.5 per cent from the previous quarter.
