Corner of Princes Highway and Pandava Road, Riverwalk Estate, Werribee, Vic
A 76,580 sqm* superlot at the Corner of Princes Highway and Pandava Road, Werribee has been listed for sale by Stonebridge Property Group represented by Julian White and Chao Zhang. The development site, which will specifically allocated for use as retirement living, residential village or aged care (STCA), will be sold via Expressions of Interest closing Thursday 24th February 2022 at 2:00pm (AEDT).
Situated in the high growth precinct of Wyndham, the site is part of Development Victoria’s Riverwalk development project which will comprise a total 8,000+ residents, a town centre, a primary school, a proposed secondary school and childcare.
Only 35 km* from the Melbourne CBD, 4 km* from Werribee Train Station and 3 km* from Werribee Town Centre, the development site is in an area which provides an attractive and affordable lifestyle for residents.
The Werribee catchment has experienced strong price growth over the past ten years. House prices have increased by an average of 5.2% per annum, and in 2021 house prices increased by 9.92%. According to Macroplan, there is an undersupply of retirement living units, based on the average annual population growth rate of 3.9% or 4,487 per annum for residents aged 55 and over. This is predicted to reach a total of 140,958 residents by 2031.
“These demand fundamentals, combined with the flat topography, prominent corner position, size, zone and that the lot is already serviced and titled, make it an excellent proposition for retirement living development” said Stonebridge Partner, Julian White.
As the Victorian Government’s property developer, Development Victoria builds homes and communities where people and businesses can thrive, creating vibrant places across Victoria through diverse and strategic property development and urban renewal projects.
Development Victoria has been delivering homes, infrastructure and open space throughout the Riverwalk estate since 2011, which is already home to over 2500 residents.