The joint venture partners bought the 950 Western Port Highway property in Cranbourne West 12 months ago for nearly $20 million, and lodged the development application in November.
The City of Casey has given green light for a sustainable residential community comprising 181 new residences that will emit no carbon and two hectares of wetlands.
“While the site is a ‘greenfield’ site, it is like an ‘infill’ site because it is surrounded by existing amenity,” Monark co-founder and CEO, Michael Kark said. The land is adjacent to the Ranfurlie Golf Club, Clarinda Village shopping centre, Barton Primary School and the Cranbourne Royal Botanical Gardens.
“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.”
“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.”
Approximately 40 kilometres south-east of Melbourne’s CBD, the site is within the approved Cranbourne West Precinct Structure Plan, which was gazetted for development in May 2012 and updated in 2017. The City of Casey’s population is forecast to grow at an annual rate of 2.2% over the next 20 years.
“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 and land packages delivering more comfort, enhanced living environments and lower living costs,” Resolution director Frazer East said.
The project 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.
“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,” East said.
Project marketing and sales agent Core Projects’ greenfield specialist, Grant Neilson said 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 Resolution and Monark project is expected to launch to market in the third quarter of 2022, with construction set to commence in the March quarter of 2023.