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Lendlease secure 1100 residential lots in Pakenham

Core Projects have recently completed the successful transaction of 1100 residential lots on behalf of Lendlease Communities in the recently approved Pakenham East PSP, South-East of Melbourne. The deal brokered by Kane Malcomson & Trent Malcomson of Core Projects, will see an 83 hectare cattle farm transformed into a masterplanned community. Lot sales within the estate set to commence in 2021 following Lendlease’s very successful ‘Lakeside Pakenham’ development.

Details of the project include:

  • 205 acres / 83 hectares
  • 1,100 lot yield
  • Located across 3 titles
  • Project includes an 11 hectare park with extensive waterways
  • Close to the future Major Town Centre and future schools

This is the third off market transaction brokered by Core Projects in Melbourne’s South East in the past 6 months, with the company also facilitating the transaction of two large farms in Clyde.

I am delighted to have worked with one of Australia’s leading developers, Lendlease, to broker this deal. Core Projects’ depth of understanding of Melbourne’s South-Eastern growth corridors has helped facilitate a mutually beneficial deal for both developer and landowner and we are proud to be growing our footprint in this region. Kane Malcomson, Acquisitions Manager, Core Projects.

The approval of the new Pakenham East PSP will further fuel growth of Melbourne’s South-East. The region has seen immense growth in the past two years which has continued despite the challenges of 2020, demand for property in the region is not slowing.

  • Lots sold increased by 77% from 2019 to end 2020
  • New estate launches grew by 129% from 7 in 2019 to 16 in 2020
  • Demand for stock is growing with 19% less available stock at the end of 2020 compared to the end of 2019