Jinding plans 425 lot Greenvale community following highly successful year
We’re excited to report that we have lodged a development application for a $228 million residential community on the final greenfield parcel in Melbourne’s Greenvale.
The proposed Greenvale community, situated 23 kilometres north-west of Melbourne CBD, includes 430 lots, two hectares of green space, a government primary school and community facilities. It will also preserve 1860s bluestone buildings, known as Dunhelen Homestead.
The development application comes after we acquired the 28-hectare parcel, at 1240 Mickleham Road in Greenvale, for $93 million in November 2021. We anticipate releasing the first stage of land, pending Council approval, in the next 12 to 18 months.
The plans follow a highly successful year where we achieved $100 million in sales, totaling 254 lots, in 2022 across our Victorian communities Harriott at Armstrong Creek, Octave at Junction Village and The Patch in Wollert.
In total, 220 lots settled for $70 million, with another 715 lots at over $250 million forecast to settle this year (2023).
We will add another masterplanned community to our portfolio in the coming months, with the release of a new country-style 550-lot project; Broadstead at Kilmore. Construction of the 60-hectare site is anticipated to commence mid-year (2023), with the masterplan delivering more than 11 hectares of green space and adjoining a proposed government primary school site and sporting ovals.
In north-west Melbourne, we are finalising plans for a new 400-lot community in Sunbury, with a development application anticipated to be lodged this year (2023).
We also reached another key milestone in November 2022, making our first foray into the commercial property sector with the $7.288 million acquisition of the iconic ‘Witches n Britches’ site, which offers future mixed-use development potential, at 78-86 Dudley Street in West Melbourne.
Jinding General Manager - Developments, Simon Howell, says the new communities in Greenvale and Kilmore add to Jinding’s rapidly expanding $2 billion residential portfolio.
“Greenvale is one of the most desirable postcodes in Melbourne’s northern growth corridor and we’re planning a project that does the site full justice,” he says.
“As the final greenfield parcel in the suburb, and with access to significant existing amenity and views to the CBD, we’re finalising community consultation to inform the detailed design of what will be a premium new address.
“We’re also looking forward to releasing a new masterplanned community at Kilmore in the coming months, which will honour the country-style living and charm that makes this area so desirable.
“It will feature larger than average lots, encouraging a return to homestead abodes, with deep setbacks so residents can enjoy expansive front verandas that foster neighbourly connections.”
Mr Howell says Jinding is continuing to look for new opportunities to strategically acquire sites to expand its pipeline of new communities, along with mixed-use opportunities.
“Our focus is on sites that are underutilised, giving us the opportunity to add value,” he says.
“We’re not afraid to take on parcels that some might consider challenging or complex, as we believe they provide the most potential, particularly to uplift their value.
“Our $270 million Harriott at Armstrong Creek is a case in point. We acquired the site with a masterplan in place, but opted to reimagine the masterplan to remove an electrical easement, adding 125 lots, including 13 highly sought-after acreage blocks fronting Sparrovale Wetlands.
“The acquisition of our first commercial site in West Melbourne has further diversified our portfolio, and we are in the process of exploring opportunities interstate to continue expanding across Australia.”