RPM Real Estate Group has unveiled a brand new estate, Glenlee, that will be proudly brought to fruition by award-winning developer ID Land.
Located on Barwon Heads Road in Geelong, this 40-hectare parcel of land, located near the existing Watermark project, will yield more than 600 homes on completion with an end value of $150 million.
Glenlee offers an immediate connection to nearby Geelong and Barwon Heads, and takes advantage of new retail and commercial precincts planned for the dynamic Armstrong Creek suburb.
This new estate blends the very best of urban and natural living, with seamless accessibility to established and future amenity against a coastal backdrop.
Glenlee adjoins the natural wonderland of Lake Connewarre, while being a 10-minute drive from Geelong’s CBD, and less than 15 minutes from Barwon Heads, and is also only a three-minute drive to the train station and existing amenities.
The land forms part of the Armstrong Creek Horseshoe Bend Precinct Structure Plan, which encompasses a total area of 640 hectares and will offer four new schools, three neighbourhood and local activity centres and 82-hectares of open space, which creates a naturally beautiful setting for anyone’s dream home.
The development will feature a variety of housing options including house and land packages and medium density town homes.
Land will be priced at approximately $250,000 for a 400sqm block, making it affordable in anyone’s books.
This new acquisition reflects a strong period of growth and diversification for the developer, ID Land, with a current project pipeline throughout Melbourne and Geelong of an estimated $2 billion end value.
ID Land director Jeff Garvey said the developer’s land acquisition underpinned its continued commitment to the greenfield market.
“Geelong has been a strong performer in our portfolio to date, with our existing Watermark project achieving an average of 15 lot sales per month,” he said.
“We saw a strategic advantage in acquiring another site within Armstrong Creek, as it is closely connected to the existing Geelong City Centre, while offering all the lifestyle benefits of a coastal location.”
Glenlee will now move through the early planning stages, with release date set for early August.
The affordable new estate comes on the back of news that booming house prices in Geelong have raised concerns about the city’s affordability, with the strongest house price growth in Victoria recorded in June.
The Greater Geelong area, which included suburbs from Lara to Leopold saw the median house price jump 3.7 per cent for the quarter to $530,000, according to the latest House Price Report from Domain Group.
House prices in Greater Geelong have increased 15.2 per cent in the past year, much higher than Melbourne’s 0.5 per cent annual growth.
The first stage of Glenlee was released on Saturday. Register your interest online at glenleearmstrong.com.au.