LEND Lease last month announced that it has been selected by Melton Shire Council as preferred proponent for the $1.2 billion Toolern master-planned urban community project in Melton, Victoria.
Lend Lease said that a Development Agreement between Melton Shire Council and Lend Lease is expected to be finalised by May 2011.
Toolern is located in Melton South, approximately 35km west of Melbourne, in the Melton Growth Corridor.
On completion, the Lend Lease development will comprise over 4,500 dwellings and include two schools, civic and community facilities, a town centre, neighbourhood shopping centre and a 131 hectare regional park.
The project will be delivered over the next 13 years and will operate under a land management agreement between Delfin Lend Lease and Melton Shire Council. The first sales expected to occur late this year.
A Precinct Structure Plan (PSP) for Toolern was approved by the Victorian Planning Minister in October last year. The PSP envisages a population of 55,000 people in 22,000 dwellings on 2,300 hectares of land.