Lovely Banks development takes next step

The consortium behind a massive masterplanned housing development in Geelong’s north has secured a key partner for the project.

Todd Devine from Costa Asset Management on land controlled by the Lovely Banks consortium.

Newland Developers has been appointed to construct the region’s biggest masterplanned community on Geelong’s northern outskirts.

Lovely Banks Development Group announced the partnership with the award-winning builder/developer that’s behind the Warralily community at Armstrong Creek.

The consortium controls a massive tract of land in Geelong’s northern growth corridor for the development that will one day contain 15,000 homes for 45,000 people.

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The first stage of the development, which will incorporate about 2500 lots — roughly 20 per cent of the Lovely Banks site — along with extensive parkland and public amenity, is estimated to be worth between $2b and $3b.

The announcement takes Lovely Banks a step closer to construction, which will create more than 2000 jobs in the region within two years, deliver hundreds of lots to social and affordable housing and inject more than $237 million into the local economy for each year of development.

Lovely Banks spokesman Todd Devine, who is general manager, property for Costa Asset Management, said the consortium was working with Geelong’s council to plan the precinct structure plan, which would guide the development.

Precinct structure planning for these precincts is anticipated to be completed by 2022.

Newland won the project following a search for a delivery partner that aligned with the Lovely Banks consortium’s social conscience, track record and footprint in the region.

LBDG has established strategic partnerships with local community programs to ensure benefits flow on to adjacent communities of Corio and Norlane, which suffer entrenched unemployment.

Warralily’s Mark Casey, Jeremy Minter, Sally Steinkrug and Mark Whinfield with the UDIA National Environmental Excellence Award.

Newland’s flagship Warralily development has won national and state awards for environmental excellence, a strength that will allow it to make the most of the unique nature of the Lovely Banks landscape.

Lovely Banks spokesman Todd Devine, who is general manager, property for Costa Asset Management, said the consortium was a united group of landowners that would continue as master developer for the project’s vision.

“Put simply, that is to ensure a world-class outcome for Geelong and Victoria over the next 10-plus years,” he said.

“Our ability to realise, and indeed exceed, our vision will only be enhanced by Newland, a delivery partner that genuinely shares and can authentically contribute to the opportunity that Lovely Banks presents.”

Newland Developers Victorian general manager Mark Whinfield said the project would build on the firm’s experience at Warralily.

“Our approach has always been to consider the needs of every individual homebuyer and ensure we offer a diverse range of living options to cater to their individual needs,” he said.

“It is exciting to be working with such a strongly-aligned and dedicated landowner group.”

The project is expected to have a significant impact on the Victorian economy, with a projected end value of $11 billion, and providing an annual boost of $307 million to the Victorian State Product.

The site will contain a town centre, up to five schools, plus childcare and medical centres and more than 40km of bike and shared paths.