Construction of the first homes is due to commence in April
What – Resolution Property Group and Monark Property Partners have secured approval for a housing estate in Greenvale
Why – It was approved late last year after the Somerton Road precinct was gazetted by the state government
What next – Construction of the first homes will begin in April
An aerial overview of Viridian community in Greenvale
Resolution Property Group and Monark Property Partners have secured planning approval and rezoning for a $150m housing estate in Melbourne’s northern suburbs, Green Street News can reveal.
The pair are jointly developing a 15ha site at 800-820 Somerton Road in Greenvale, about 20km from the Melbourne CBD. They acquired the property last year for $44m.
The project, known as Viridian, will yield around 300 homes, of which 40 have been sold after lot sales commenced in November.
Construction of stages 1 and 2 is due to commence in April, a spokeswoman for the partners said.
The project is the second joint venture between local developer Resolution, led by Jeremy De Zylva and Frazer East, and real estate financier Monark, which is led by Michael Kark and Adam Slade-Jacobson backed by the Liberman family.
The pair collaborated on the 81-lot Harli residential community in Cranbourne West in the southeastern suburbs. The completed project is almost sold out.
The Greenvale site was rezoned to general residential in October last year following approval of the Somerton Road precinct by the state government. A planning permit for the Greenvale project was issued by Hume City Council in late 2025.
The approved master plan provides for about 300 residential lots and townhouses, with an estimated end value of more than $150m.
Set among established parklands and reserves, and surrounded by established shopping precincts, schools and sporting facilities, Viridian residents will be within 10km of Melbourne Airport.
Some 10% of dwellings have been allocated to affordable housing.
Media Coverage
This story was originally written by Larry Schlesinger and published by Green Street News: Australia – see the article here Further coverage was also written by Clare Burnett, The Urban Developer.