The recent acquisition of sites at both Yarrawonga and Warragul, earmarked for 250 new homes, nudges the value of housing developer TW Projects’ development pipeline to $300 million-plus, comprising over 900 lots in 15 communities across regional Victoria.
Despite a lot of doom and gloom in the housing market for the past 12 months, the company is witnessing more people looking to build a home and lifestyle outside metro Melbourne.
“We’ve got a broad mix of projects on our books and are dealing with a wide range of buyer types from first home buyers to those seeking holiday homes to capitalise on country living,” said Weddell who is passionate about providing housing opportunities in regional Victoria.
Yarrawonga
In an off-market transaction, the developer – run by two Victorian surf-coast locals Jack Townley and Albert Weddell – acquired a 9.77-hectare landholding at 26-28 Hogans Rd, Yarrawonga where it has a permit to deliver over 100 lots ranging from 476sqm to 880sqm.
Given the Yarrawonga’s idyllic location on the Murray River, the development is expected to target retirees looking for lifestyle with a lake and golf courses nearby.
It’s understood the developer plans to start construction on site by March 2024 with a view to completing the project by April 2026.
Hogans Road, Yarrawonga
Warragul
Meanwhile, four hours south at Warragul, the developer has acquired the 16.6-hectare 130 Dollarburn Road site for an estimated $14.5 million.
In light of Warragul’s different demographic to Yarrawonga, the developer is expected to submit plans for a $55 million scheme containing around 150 general residential and low-density lots.
Dollarburn Road, Warragul
Other recent developments
TW Projects’ acquisitions at Yarrawonga and Warragul coincide with the greenlight from Colac Otway Shire Council where the developer is planning a 55-lot subdivision at 36-52 Bruce Street, Colac.
It’s understood consultation has also commenced on the rezoning of their Hillview project which would see an additional 350 lots developed within the small city in the Western District of Victoria.
To demonstrate its confidence in the sustained growth of regional Victoria, TW Projects has in 2023 alone embarked on sales campaigns for an additional five projects, across the rural communities of Kyabram, Colac, Yea, Nagambie and Lethbridge.
Lakeside Colac
