With almost a staggering 100 residential land lots already committed Glanmire Park residential and commercial development will officially settle this week on 200 acres of prime land, known as Gorman’s land.
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The $100m plus residential and commercial development planned for the fast-growing east side of Yarrawonga has attracted an enormous amount of interest and Project Manager and part owner of the developing company Riverstown Developments Mark Russell said the interest has “exceeded expectations” despite delays with COVID restrictions.
“By the end of the week the land will be settled, and we are excited with the way it’s progressing,” Mr Russell said.
Mr Russell said works have been done on the first 39 blocks under an agreement with the Gorman family and will forge ahead with plans to build a boulevard entrance from the Murray Valley Highway similar to Silverwoods.
“We are aiming for titles to be ready on these 39 blocks in the middle of this year and we aim to start construction on the balance of the committed blocks in April,” Mr Russell said.
“We also planning to make the boulevard entrance a real showpiece of the estate and would also like to start on that early on in the development.”
Mr Russell said the development is far more advanced than the consortium of investors first thought.
“If this was a development in Melbourne, we’d be lucky to be going to the market now, let alone selling 100 blocks!”
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 turn the prime land closer to the Woods Road end into 1000 residential lots plus develop an additional area for a lifestyle community (retirement village) and more commercial land alongside the Murray Valley Highway.
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.
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 is currently with the Minister for Planning for rezoning from General Residential to Commercial 2 Zone.
The area earmarked to be rezoned as commercial will 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.
