Momentum builds: Developer chosen to head up Lovely Banks housing development
AWARD-WINNING developer Newland has been appointed to head up construction of a master-planned community in Lovely Banks, which will bring 15,000 new homes to Geelong’s north.
Lovely Banks Development Group (LBDG) announced the partnership, which it said would ensure a world-class outcome for the site and generate more than 2000 jobs in the next two years.
Newland, part of the company behind part of the successful development in Armstrong Creek, will oversee the project, which is expected to take 10 or more years to complete and is touted to become Victoria’s largest master-planned community.
Stage One of the Lovely Banks development will incorporate about 2,500 lots, along with extensive parkland and public amenity throughout, and is worth an estimated $2-3 billion.
LBDG spokesperson Todd Devine said the deal brought together one of Australia’s largest development approved residential land holdings and one of Victoria’s most successful builder/developers
Mr Devine, general manager of property for Costa Asset Management, said the companies had a shared vision to authentically contribute to the huge opportunity and responsibility afforded by the Lovely Banks site.
“We are a united group of landowners, with a commitment to continue our pivotal role as master developer, to guide the vision and outcomes that unfold on this wonderful site, and to achieve our single-minded goal.
“Put simply, that is to ensure a world-class outcome for Geelong and Victoria over the next 10-plus years.
“Our ability to realise, and indeed exceed, our vision will only be enhanced by Newland.”
Mr Devine said the formal agreement with Newland was finalised after a comprehensive selection process to find a delivery partner with an aligned social conscience, track record and footprint in the region.
Newland Developers spokesperson Mark Whinfield said the company was honoured to be chosen and looked forward to delivering an outstanding new community, which built on its experience and success at Warralily in Armstrong Creek.
“Our approach has always been to consider the needs of every individual homebuyer and ensure we offer a diverse range of living options to cater to their individual need,” Mr Whinfield said.
“It is exciting to be working with such a strongly-aligned and dedicated landowner group.
“We cannot wait to bring our skills to the table and deliver for the community of Geelong.”
The Lovely Banks development – which has an estimated end value of $11 billion – is expected to eventually house 45,000 people and offers about 14,000 conventional and townhouse lots, with at least a further 1,000 apartments in the key town centres.
LBDG said the project would contribute hundreds of lots to social and affordable housing and inject more than $237 million into the local economy for each year of development.