The $100m plus residential and commercial development planned for the fast-growing east side of Yarrawonga has attracted an enormous amount of interest in the past few months with a healthy number of sales.
Riverstown Developments Director Dean Lupson said the interest in Glanmire Park has been pleasing with 77 standard residential lots averaging 700m2 and lifestyle lots around the 2000m2 already sold off the plan.
“It’s definitely exceeded expectations,” Mr Lupson said.
“To date the majority of our interest has been from local residents. We believe once the lockdown in Melbourne is removed there will be another wave of enquiries.”
Mr Lupson said with such strong early sales the development has been brought forward by six months with works to begin in mid-November.
The developer has also built a sales office on the Murray Valley Highway which is now open.
The land to be developed, which had been in the Gorman family since 1873, was rezoned from Rural to General Residential under the title of Glanmire Park Estate in October, 2007.
Riverstown Developments plans to develop 200 acres of this prime land closer to the Woods Road end creating up to 1000 residential lots, an additional area for a lifestyle community (retirement village) and more commercial land alongside the Murray Valley Highway.
Project Manager and part owner Mark Russell said the development company, which is made up of a consortium of sophisticated investors including experienced land developers from Melbourne, is keen to have the site fully developed within 10 years.
“Many of us have been coming up to Yarrawonga for years and believe the area has considerable growth prospects, we are here for the long haul and keen to get this development started off on the right foot,” Mr Russell said.
“This development will set a benchmark for Yarrawonga, it’s a destination development.
“I believe the interest in Yarrawonga will speed up with baby boomers on the move lookingto downsize and people looking for a tree change and a new place where they can work from home especially after this COVID-19 pandemic.
The residential land will initially be released in stages but within in two phases, simultaneously offering a variety of lot sizes with entry points from Woods Road.
Phase one will boast smaller allotments closer to the highway end and phase two will offer larger allotments close to the Cahills Road end.
Riverstown Developments has reserved a section of land for a lifestyle community and a portion of land along the Murray Valley Highway has been earmarked to be rezoned as commercial to make way for a planned fuel stop and fast food outlets.
Alongside this Riverstown Developments are also planning a supermarket site with the aim to attract the likes of a national chain such as Coles or Aldi.
Mr Lupson said the area set aside for a planned 250-dwelling lifestyle community is “definitely going ahead and hoping to have the planning permit issued very soon”.
As for the commercial area Mr Lupson said they have fielded interest from several clients and are working on the lot sizes hoping toaccommodate all types of retail.
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