Frasers Property Australia last week acquired The Grove in Melbourne’s west from Stockland for $202.5 million, under deferred payment terms.
The Grove is a master planned community with approximately 850 lots already sold and developed, and a total yield of 1780 residential lots over 167 hectares.
Frasers Property will acquire the balance of the project and deliver on the vision for a large-scale mixed-use community, which will include over 2600 homes, a town centre retail precinct, proposed primary and secondary schools, a neighbourhood activity centre, sporting oval, community facilities expected to include medical and child care, as well as a series of cycle paths, parklands, creeks and waterways.
“The Grove is strategically located within Melbourne’s fast-growing western corridor and in close proximity to existing and proposed services and amenities, including the new Tarneit railway station, schools and shops,” Anthony Boyd, Frasers’ executive general manager, said of the acquisition.
“Stockland has set a high standard for both quality and community at The Grove and we’re delighted to be
able to bring this growing community to fruition. Residents can be confident that we respect and share their vision for The Grove and we’ll work with Stockland to ensure a smooth transition.
“There’s already a strong sense of community established at The Grove and we’ll look to build on this,
working with existing and new residents to create a place everyone can be proud of.”
The Grove is located 31 kilometres west of Melbourne CBD within the city of Wyndham. It is situated either side of Davis Road and is bordered by Werribee River and Davis Creek.
Frasers Property has been building new Australian communities for more than 90 years. It has a major
presence in Victoria with more than 7500 land lots and homes currently under development.
Launched by Stockland in 2014, The Grove is expected to be completed by Frasers Property in 2025.
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