Boosting their commercial development pipeline, Oreana Property has acquired three new sites across Melbourne with a total Gross Realisable Value reaching over $160 million.
The Melbourne-based developer opted for properties in the city’s growing outer suburban areas of Tarneit, Werribee and Mickleham. Each property is earmarked for its own development project with plans to house new retail and service hubs for local communities, including major supermarkets.
Oreana Group co-Founder and co-Managing Director, Tony Sass said the projects are intended to provide essential amenities for the growing local populations in these areas.
“It’s crucial that new and expanding communities have the right foundations in place in order to be able to successfully flourish, and this includes access to quality services and amenities.”
The projects are expected to create more than 500 jobs for the local economy in construction and then on completion.
The largest of the three properties is a three-hectare parcel located on the corner of Princes Highway and Newmarket Road in Werribee. The site forms a part of Development Victoria’s new Riverwalk Estate and is the location of a proposed ‘Town Centre’ within the recreation hub.
Oreana was announced as the Developer for the site in April 2022. It is anticipated to house a major supermarket and specialty retail and services, complementing the existing primary school, early education centre and two new parks in the growing area.
“Our partnership with Development Victoria in Werribee is particularly exciting,” said Mr Sass.
“We’re looking forward to working with them and adding to the Riverwalk Park recreation precinct by delivering the new Riverwalk Town Centre.”
Riverwalk is being delivered by Development Victoria, the Victorian Government’s property development and major projects agency, in partnership with Melbourne Water.
Development Victoria’s Group Head Property Development, Penny Forrest, said the new Town Centre would provide a much-needed retail hub for residents and visitors to Riverwalk.
“With 2,500 residents already calling Riverwalk home – this new Town Centre will benefit the whole community with a range of commercial and retail offerings,” Ms Forrest said.
“It will also attract more people to the area. The new Town Centre has been part of the Riverwalk vision for over a decade and this is an exciting milestone for the development.”
In Tarneit, Oreana has secured a 14,000 sqm site at 800 Derrimut Road. The parcel adds to the developer’s mixed-use profile with plans for both residential and commercial projects on the site. It is expected to deliver a supermarket, childcare centre, specialty retail offering, medical centre, gym and restaurants, as well as 23 townhomes.
The Mickleham property in Melbourne’s north is located within the broader Botanical Estate. It is situated on the corner of Brossard Road and Elscott Boulevard. The block will become the site of a new 10,000 square metre mixed-use precinct for the local area. Services will include a supermarket, childcare, specialty retail and dining options.