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Published on 17 June 2022
Council is pleased to announce the signing of the sale and purchase agreement for 36-52 Bruce Street, Colac, for $2.6M (plus gst) to TW Projects, a company experienced in regional property development.
“We’re excited to have TW Projects on board with their extensive experience across regional Victoria, in particular in developing vacant land into residential communities,” said Mayor Kate Hanson. “They understand how to create land that will support quality residential homes for future generations, and have also included a social housing outcome which is very important for Colac.”
“We’ve had some really great dealings with Colac Otway Shire Council throughout the whole purchase and we’re really excited about the opportunity to work with them to deliver a high quality residential estate,” said Jack Townley, Director TW Projects. “The project’s going to have a large focus on sustainability and will assist in providing needed land supply to the area.”
TW Projects focuses on making buying a home accessible to families and First Home Byers, and as part of the Bruce Street residential development, it will gift purchasers a 5kw solar package to ensure the ongoing cost of living is reduced, as well as showing a commitment to the future of Colac by reducing the carbon impact on the environment. As part of the sale conditions, three lots for social housing will also be created and provided back to Council who will seek other partners to develop and manage these sites.
“This will be a fantastic opportunity for anyone looking for an affordable lifestyle close to major employment centres and educational facilities,” said Mayor Hanson. “Its location close to Lake Colac and the Botanic Gardens will make this also a desirable development. We look forward to seeing TW Projects turn this 4.2 hectares into much-needed housing outcomes for our community.”