Two new housing estates to be developed over the next year are expected to attract several thousand residents to Point Cook and Tarneit.
Satterley Property Group, one of Australia’s largest private developers, will develop 2000 housing lots on a 125-hectare site on Hacketts Road, Point Cook, which it purchased from the state government for $100 million.
It will also develop a 64.3-hectare site on Sayers Road, Tarneit, with 150 of the 850 lots fronting 11 hectares of central, open space, according to Satterley’s state general manager, Jack Hoffmann.
He said the government had promised to build a road interchange for the as-yet- unnamed Point Cook estate, with direct access to the Princes Freeway.
“This is a huge benefit … and it will be built before the first resident moves in”.
Mr Hoffmann said construction of the Point Cook estate would begin about April next year. The estate will eventually have about 5000 residents. He said Satterley bought the Tarneit site in 2010, but “there have been some delays in development approvals” because of a precinct plan being drawn up for the area. But it was expected to be on the market in the first quarter of next year.
Mr Hoffmann said the Point Cook estate would have some retail developments and was only a kilometre from the Point Cook town centre, while the Tarneit development was close to a town centre in Davis Road.
He said Satterley was still going through the planning process for both projects with Wyndham council.
Satterley, which started in Western Australia, moved into the Melbourne market four years ago with estates in Doreen and Coburg.
“We have set ourselves a target of 10 per cent market share,” Mr Hoffmann said.
“That means selling about 1000 lots a year, which would make us one of the largest residential developers in Victoria.”
