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The 163ha Lilydale quarry has been sold to a developer for a reported $40 million.
The 163ha Lilydale quarry has been sold to a developer for a reported $40 million.

Developer to transform former quarry into housing

A housing redevelopment project at a former quarry has moved one step closer after the site was sold to a developer.

Sibelco Australia has sold its Lilydale quarry, located in Melbourne, Victoria, to Intrapac Property. It follows a public tender sale campaign that was launched in September 2015.

The Sydney Morning Herald reported on 19 August that Melbourne developer Intrapac paid more than $40 million for the 163ha site and will need to invest a further $50 million to fill it before it can be converted into a residential hub.

Intrapac Property CEO Maxwell Shifman said the site had ideal characteristics for one of its developments and is similar to a nearby project in neighbouring Keysborough.

“The site is elevated, with views towards the Yarra-Dandenong Ranges and connectivity to the beautiful Lilydale Lake, which coupled with the new open spaces and urban design will result in stunning amenity for new residents,” Shifman said.

“There is high demand for housing in the area, and the surrounding homes are of a high standard. The area is also extremely well serviced, with nearby shopping, schools, childcare, and fantastic public transport with the train line to the city.”

He went on to say the “strong, established community” and the many local sporting clubs and recreational facilities also influenced Intrapac’s purchase.

“The Lilydale area is also the gateway to the Yarra Valley with some of Victoria’s best food and wineries, and well known tourist attractions,” Shifman added.

140 year history

Sibelco, which acquired the Lilydale quarry site in 2002, announced in September 2015 that it would cease quarrying operations ahead of schedule, before its resource had been depleted, due to “flat” economic and market conditions.

The quarry had been producing quick lime, hydrated lime and other associated products for more than 140 years.

Sibelco’s original plan, released in June 2013, envisaged the establishment of up to 2500 new residences, retail outlets and community facilities focused around large, central parkland.

Shifman explained the first stage of the development has already been rezoned for residential use and the company is working closely with Yarra Ranges Council to finalise a Planning Scheme Amendment for the rest of the site, which will go to public exhibition in the coming months.

He added the first stages of the redevelopment could be ready to begin by mid-2017 if all goes to plan. The project is expected to take approximately 10 years to complete.

More reading
Buyer sought for quarry ahead of redevelopment
Quarry to close early due to ‘flat’ market




















Tuesday, 22 May, 2018 05:39pm
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