Yarrawonga is set to emerge from the COVID-19 pandemic faster than most areas with the help of a $100m plus residential and commercial development planned for the fast-growing east side of the town.
The prime land borders the Murray Valley Highway and sits within Woods Road and Cahills Road.
The land, which has been in the Gorman family since 1873, was rezoned from Rural to General Residential under the title of Glanmire Park Estate in October, 2007.
Riverstown Developments plans to develop 200 acres of Glanmire park closer to the Woods Road end creating up to 1000 residential lots, an additional area for a lifestyle community (retirement village) and more commercial land alongside the Murray Valley Highway.
Project Manager and part owner Mark Russell said the development company, which is made up of a consortium of sophisticated investors including experienced land developers from Melbourne, is keen to have the site fully developed within 10 years.
“Many of us have been coming up to Yarrawonga for years and believe the area has considerable growth prospects, we are here for the long haul and keen to get this development started off on the right foot,” Mr Russell said.
“This development, which will keep the name Glanmire Park, will set a benchmark for Yarrawonga, it’s a destination development.
“I believe the interest in Yarrawonga will speed up with baby boomers on the move and looking to downsize and people looking for a tree change and a new place where they can work from home especially after this COVID-19 pandemic.”
A country boy, originally from Narrandera, Mr Russell said he knows too well the attractiveness of the area for Melbourne people and those from other regional areas.
“Yarrawonga Mulwala is very appealing, it is a leisure destination and it always has a full lake, which is an important factor.
“This development will be very diversified offering a variety of residential lots from 2000m2 to smaller ones around 700 to 800m2.”
The residential land will initially be released in stages but within in two phases, simultaneously offering a variety of lot sizes with entry points from Woods Road.
Phase one will boast smaller allotments closer to the highway end and phase two will offer larger allotments close to the Cahills Road end.
Mr Russell said a section of land has been earmarked for a lifestyle community and a portion of land along the Murray Valley Highway has been earmarked to be rezoned as commercial to make way for a planned fuel stop and fast food outlets. Alongside this Riverstown Developments are also planning a supermarket site with the aim to attract the likes of a national chain such as Coles or Aldi.
Mr Russell said an area set aside for a planned 250-dwelling lifestyle community has already attracted interest from a large Queensland organisation and will be an important part of the development going forward.
“We see this development as a major future community hub which will feature modern suburban-like living in Yarrawonga with landscaped walkways and a main boulevard running along the drainage waterways and green spaces,” he said.
“The development will fit within the whole Glanmire Park Masterplan which continues further to the east towards Botts Road.
“We have experience with various developments in Melbourne and this will be reflected in Glanmire Park.”
Mr Russell also said a lot of work has gone into the drainage and waterway retention areas to eliminate any potential flooding on the land which is currently very flat and low lying.
“We are fully aware of the lay of the land and considerable work will be put into ensuring excess water is directed through drainage, spillways and out towards the Botts Road water drainage and retention points.”
Riverstown Developments has lodged development permits at Moira Shire Council which they hope to have approved by July-August.
“I would like to think we would be turning soil in February next year,” Mr Russell said.
The initial zoning of the entire Glanmire Park Masterplan had a scope of 1,300 residential lots, gateway wetlands, a ‘village green’ oval, a neighbourhood hub and revegetation areas with cycling and walking tracks.
The parcel of land is a strategic part of the Moira Shire Council’s residential growth plan. Yarrawonga is the fastest-growing town within the Moira Shire and is recognised as a future regional hub by the Victorian Planning Authority.