The joint venture partners contracted to acquire the Cranbourne West site in August 2021 and lodged the development application in November 2021.
It marks Resolution’s first joint venture with Monark, with Resolution Director Jeremy De Zylva saying the company had seized the opportunity to partner with the property financier, recognising the increasingly limited availability of land and the site’s location adjacent to the Ranfurlie Golf Club.
“Together, we recognise the importance of and need for increased sustainability outcomes in residential development and housing in Melbourne and we are excited to be working with our builder partners to deliver on our vision for a market-leading sustainable community in Cranbourne West.”
Monark Co-Founder and CIO Adam Slade-Jacobson, said “The opportunity to partner with Resolution to create an integrated infill residential community with a particular focus on sustainability in an established growth corridor of Melbourne was particularly attractive to us and aligns with our view of market fundamentals.”
The Cranbourne West project has been designed to carefully integrate community, landscape and built-form design to deliver an innovative, market-leading and sustainable residential community within close proximity to established amenity, including the adjacent Ranfurlie Golf Club, Clarinda Village shopping centre, Barton Primary School and the Cranbourne Royal Botanical Gardens.
“Resolution’s vision is to set a new benchmark in sustainability and liveability within Melbourne’s south-east growth corridor,” Mr De Zylva said.
Resolution Director Frazer East added “We will partner with select builders to deliver 7 Star NatHERS and zero-carbon homes and anticipate that young families and upgraders will be attracted to the project due to its wide range of house & land packages delivering more comfort, enhanced living environments and lower living costs.”
Mr East went on to say that the Cranbourne West acquisition represented an “evolution of the Resolution business”.
“The site is an example of our strategy to acquire and develop projects in established growth-corridor locations, with strong forecast population growth and close to existing amenity,” he said.
“It will become an exemplar sustainable residential community which reflects Resolution’s ethos of developing great places to live.”
Approximately 40 kilometres south-east of Melbourne’s CBD, the site occupies a prominent position in the approved Cranbourne West Precinct Structure Plan, which was gazetted for development in May 2012 and updated by the City of Casey in 2017.
“With continued diminishing opportunities for new supply in the immediate area, this is the last sizeable landholding earmarked for residential development within the particularly high-demand growth location of Cranbourne West,” Monark Co-Founder and CEO, Michael Kark, said.
“While the site is a ‘greenfield’ site, it is like an ‘infill’ site because it is surrounded by existing amenity.
“We are confident that this project, in one of Melbourne’s most in-demand greenfield markets, will perform well due to ongoing population growth in Melbourne’s south east, limited supply of housing and the already established amenity.”
Project marketing and sales agent Core Projects’ greenfield specialist, Grant Neilson, attested to the recent property boom in the City of Casey, saying the greenfield areas within the local government area had “always been in hot demand” with many local trading estates expected to sell out of residential lots within the next 12 months.
“The City of Casey is one of the fastest-growing local government regions in Melbourne and the population is forecast to grow at an annual rate of 2.2 per cent over the next 20 years.
“Demand for new housing in Melbourne’s south-east is forecast to remain high, with historical migration from the established areas of Greater Dandenong and Frankston expected to continue, coupled with demand from new young families and couples within Casey.”
The joint venture project between Resolution and Monark is anticipated to launch to market in Q3 2022, with construction set to commence in Q1 2023.
