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Melton proceeding with $15 billion urban regeneration plan

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Melton Community Hall, Melton South

The Melton Shire Council is in the midst of formalising a major planning initiative which involves 2,400 hectares of vacant land between Paynes road at Rockbank and Toolern Creek in Melton South, locations which are 30km and 40km from Melbourne CBD respectively.

This plan involves 2 community centres, retail and commercial precincts, a new railway station and low, medium and high-density housing which is expected to add 22,000 new dwellings and increase the current Melton population of 43,000 to 100,000 by 2026. In addition, the plan also caters for the expansion of land for Harness Racing Victoria which recently moved from Moonee Valley to a new $40 million facility in Melton.

Back in 1970, the population of Melton was 4,000. Today, the wider Melton Shire Council which includes suburbs to the east of Melton closer to the city, is one of the fastest-growing municipalities in Australia, with the current population of 103,000 forecast to reach 144,000 by 2016.

The Honourable Justin Madden, Minister for Planning is expected to approve the Toolern Precinct Structure Plan in June 2010, with a developer expected to be appointed by December 2010. Subdivision works will be carried out in the middle of next year, with construction set to start soon after. More than 35 developers, consultants and other interested stakeholders are expected to be involved in the proposal to develop the first 512 hectares of council-owned land out of which 381 hectares will be residential properties.

Among the property developers expected to be joint-venture partners include Delfin, Lend Lease, MAB Corporation, Mirvac Group and Stockland, which recently paid $57 million for a 124-hectare development site in nearby Leakes road capable of accommodating 1,300 residential dwellings.

On completion of the entire 2400-hectare redevelopment, just one Western Highway exit will divide the invisible line where Melton begins and metropolitan Melbourne ends, loosely considered the 1,996 housing estates of Caroline Springs and Burnside, which actually share the same postcode as Deer Park.

M8 Western Freeway @ wealthruproperty.com 1

Excellent drive on the M8 Western Freeway

Total development value is expected to be a massive $15 billion will be invested in Melton, spread as $9 billion and $6 billion for residential and commercial development, making this investment a larger urban regeneration than Docklands’ $12 billion to the west of Melbourne CBD.

Melton, being known as the former “thoroughbred country”, which is currently 40 minutes by car from Melbourne CBD is expected to become more accessible when the proposed outer ring road is completed, connecting the suburb to Melbourne’s Tullamarine airport and an interchange at Oakland Junction connecting outer-western suburbs to the Hume Freeway. This development is another step closer for Melton to become part of metropolitan Melbourne.

The above is an excerpt from an article written by Marc Pallisco for The Age newspaper.

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M8 Western Freeway @ wealthruproperty.com 1

M8 Western Freeway heading west from Melbourne CBD

Land between Caroline Springs and Melton could be developed for up to 50,000 homes much sooner than anticipated.

Located 42km northwest of Melbourne CBD Melton is accessible via the M8 Western Freeway.

Local developer Mirvac and Malaysian property developer Jayaland plans to build a $4.5 billion, 717-hectare suburb of up to 20,000 residential homes in Melbourne’s Rockbank, a suburb between Melton to its west and Caroline Springs to the east. This project will be built over the next 15 years on the huge parcel of land which is already owned by the joint venture partners.

The two new suburbs would be split only by the proposed eight-lane Outer Metropolitan Ring Road. A corridor of less than five kilometres of undeveloped land would remain between Melton township and the shire’s eastern suburbs. Land between Caroline Springs and Melton has been earmarked for inclusion in the State Government’s expanded urban growth boundary, but the final boundary and outer ring road alignment are not expected to be finalised until next year.

A second development is a 30,000 residential homes project called ‘Stoneleigh’ next to Caroline Springs which is jointly developed by Hamton & Mondous and Melbourne’s boutique developer Evolve Development Group which is owned by businessman Ron Walker. The estate joins Caroline Springs and spreads west to Plumpton Road, and runs north-south between the Western Freeway to north of the Melton Highway.

Recent news about Evolve include its well-timed developments of 58 apartments in Drummond street, Carlton and the 68 apartments known as Coco in Melbourne’s hip suburb of Prahran.

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