Ambitious plans to create a second CBD for Melbourne in between the city centre and Geelong have piqued the interest of property giant Mirvac.
The Victorian government's ambitions to transform part of the Melbourne-Geelong growth corridor into a flourishing employment hub could receive a boost from plans by property giant Mirvac Group to acquire a massive residential development site in the region.
The huge 400 hectare Eastern Werribee site was previously host to Victoria's State Research Farm, but has since been set aside by the state government as a residential development area to cater to growth plans for the south-western part of the Greater Melbourne metropolitan area.
The Metropolitan Planning Authority put the site up for tender in September last year, with shortlisted bidders asked to submit long term plans for East Werribee as part of a final proposal by March 4.
According to MPA CEO Peter Seamer a number of parties had displayed strong interest in the potential of the site, which is Melbourne's largest infill residential development opportunity.
Seamer envisages the transformation of East Werribee into a "world class mixed use and employment precinct," hosting around 7000 homes and providing 58,000 jobs. Over the upcoming three decades Seamer also hopes that East Werribee will emerge as a leading area for the medicine, high-tech industry and education sectors.
The Napthine government first unveiled its ambitions for East Werribee nearly two and a half years ago, with the release in October 2013 of the Plan Melbourne Strategy outlining the creation of what then Planning Minister Matthew Guy referred to as a "CBD between Melbourne and Geelong."
Premier Denis Napthine flagged plans at the time for the creation of a large new suburb that would be 750 hectares in size, hosting a local population of nearly 20,000 in 7,000 residential dwellings and providing jobs to approximately 60,000 people.
Werribee is situated 32 kilometres to the south-west of the Melbourne CBD on the Werribee River. The region has undergone rapid expansion over the past several decades into adjacent greenfield land, evolving into a key commuter town in the Melbourne-Geelong growth corridor.
The area is already host to a number of high tech institutions, including the CSIRO and agricultural research offices, as well as hospitals and schools.
In order to lay the foundations for future growth in the region and the development of East Werribee in particular, Matthew Guy approved a massive infrastructure contributions package worth over half a billion dollars for the City of Wyndham in July 2014.
The Wyndham West Development Contributions plan will provide roughly $533 million in funds for the construction of an impressive raft of transportation infrastructure projects in the region over the three decades, including 15.6 kilometres of new roads, 33 intersections, 27 bridges, and 18 full sized sport fields within 122 hectares of new open space.
According to figures from Your Investment Property the median prices for residential properties in Werribee currently stand at $310,000 for houses and $255,000 for units, logging growth of 1.64 per cent and 2 per cent respectively over the past 12 months. The region's gross rental yields are 4.70 per cent for houses and 5.40 pent for units.