Prime property poised for residential development

A significant land holding in one of Geelong’s coming growth areas is for sale with a $30 million price tag.

450 Elcho Road, Lovely Banks is within the Northern and Western Geelong Growth Area and offers 31.8 hectares of land classified under the City of Greater Geelong’s urban growth zone overlay.

Indicative plans would enable development of 534 residential lots of standard and medium density, once the city’s planning frameworks are finalised.

The property is within the scope of the city’s Elcho Road West area, which is undergoing a precinct structure planning process to determine its preferred development outcomes.

The city is due to begin prepare its Elcho Road West plan during the next 12 months, with selling agents indicating approval is due in 2026.

In total, the growth area at Lovely Banks and Lara is anticipated to host 110,000 residents once completed, and cater for the majority of the city’s greenfield development in the next 20 years.

Colliers Melbourne is selling this property by expressions of interest, which close on July 13.