The Victorian Government has announced a historic title restriction on two parcels of land on La Trobe University’s Bundoora campus will be removed in a bid to pave the way for around 2,300 new homes.
Victorian Minister for Economic Development, Anthony Carbines said the site will include a minimum of 10% affordable housing.
The site is part of the Government’s Unlocking Strategic Sites program, which fast-tracks the rezoning of underused land for new homes, jobs and investment.
“La Trobe’s $5 billion University City will drive investment, support thousands of jobs and create new opportunities for businesses and workers across Melbourne’s north,” said Mr Carbines.
He said La Trobe University will now progress the application and it will be subject to a full planning assessment and community consultation.
Once development is underway, up to $13.6 million from the value captured from the sale of the land will be reinvested into future projects that support the local area.
The development is expected to support more than 20,000 jobs, around 3,000 construction jobs each year and $3.5 billion in Gross Regional Product over 10 years.
