Melbourne property developer
Salvo has finalised a $73 million transaction for a 61.55-hectare prime landholding in
Tarneit in Melbourne’s west, with plans to develop a masterplanned community comprising up to 1,700 dwellings with JV partner Casey Capital.
The site was acquired from a long-term owner and settled this month through alternative real estate investment manager
Qualitas. Located at 1228 Leakes Rd in Tarneit, 32 km from Melbourne’s CBD, the landholding sits within the Urban Growth Zone and future Oakbank Precinct Structure Plan (PSP) which is forecast to accommodate almost 27,000 residents and 10,000 dwellings.
Directly opposite the site is the future 15,000-capacity Wyndham City Stadium which will be home to A-League franchise Western United Football Club. While the site is close to the existing retail centre and community amenities in Tarneit, the area is set for major infrastructure investment including a new train station, town centre and schools.
