According to The Australian Financial Review, the regional housing boom is set to fuel demand for one of Australia’s biggest residential projects, after the Costa family-led $11 billion Lovely Banks estate north of Geelong moved a step closer to kicking off with the appointment of Metricon boss Mario Biasin’s Newland group as development partner.
Covering about 1500 hectares in the proposed Northern Geelong Growth Area next to the suburbs of Norlane and Corio, Lovely Banks will eventually be home to around 15,000 homes when completed over the next 10 to 20 years.
The first stage of the development, due to kick off within one to two years, will comprise around 2500 lots – roughly 20 per cent of the Lovely Banks site – which along with extensive parkland and public amenity will have an end value of $2-3 billion.
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