SUPER fund ISPT and residential property developer Villawood are set to launch major residential development with an end value of $250 million at Point Cook in Melbourne’s west.
Located on
Marketing is expected to start in the second quarter of this year.
ISPT bought into the project as part of its ISPT No. 3 fund, a ‘development and opportunities fund’, established to invest in development projects on behalf of a number of Industry Superannuation Funds.
ISPT No 3 fund manager David McFadyen said ISPT had identified Villawood as an ideal partner to deliver broad acre residential development in
Villawood purchased the site in 2005 and since developed plans for a master plan community that includes five hectares of storm water cleansing wetlands positioned at the entry of the project, a child care centre for 120 children and a school with the capacity to house students from prep through to year nine, complete with large playing oval and other recreation facilities.
Another key feature of the development will be the construction of
With plans for a leisure centre, Villawood said healthy living would become a key component of the lifestyle promoted at the Point Cook community through the installation of gym facilities, indoor pool, tennis courts, playgrounds and multi-functional areas including barbeque facilities.
Villawood Properties joint executive director, Rory Costelloe said the project is a significant residential land parcel, which will become the flagship of Villawood Properties’ estates.
Australian Property Journal
