An undeveloped residential village with planning approval for 205 homes is on the market after developers changed direction.
An undeveloped, 11.25 ha, over 55s residential village on the edge of Yarrawonga is on the market after its owners say they no longer have the capacity to develop the property.
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The property, at the intersection of Brears Rd and Murray Valley Highway, includes the Riverlands Tourist Park and received planning approval in May last year.
Developer, Dominic Bressen of Sydney-based Pentola Partners, said the property had been sold off market to “a very eager purchaser, subject to planning approval”, but the sale failed to settle at the eleventh hour forcing them to put the property on the open market.
Mr Pentola said that during the process, it had become very clear that there was a real shortage of all-ages, affordable properties, prompting the company’s change in direction.
The property contains the existing Riverland Tourist Park at the intersection of Brears Rd and Murray Valley Highway.
“Yarrawonga is an exceptional market for over 55s lifestyle residential market,” Mr Bressen said.
“We went through a three-year planning process with the best consultants in the industry.
“But moving 16 permanent residents from (Riverlands Tourist Park) was very eye-opening and we recognised there was an opportunity and a need.
“There is a real shortage at the all-ages, affordable end of the market … a real gap between the caravan park and the residential, lifestyle villages.”
The original development application attracted 20 objections however after detailed and lengthy consultation with objectors, 15 of those were withdrawn.
Among them were residents of Riverlands Tourist Park who were concerned about their own futures alerting Pentola Partners to a different opportunity.
The company has been working on a new model for the past 18 months and will launch later in the year across Victoria but no longer in Yarrawonga.
“We’d love to deliver this ourselves, but we’ve gone down a different path and pointed our resources in that direction,” Mr Bressen said.
A year ago, the Brears Rd development was cited as an opportunity to free up housing in the Yarrawonga area as it responded to the needs of local residents who wished to downsize.
Expressions of Interest for the property by the Murray River with planning approval for 205 homes closed on March 11.
Colliers Real Estate agent, Justin Hazell said they were currently in negotiations with shortlisted parties.
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