The 210-lot development has encountered constant delays, pushing back any works on the site, since its change of ownership in December 2019.
Mr Eishold purchased the land two years ago from well-known real estate mogul Bill O’Brien and has spent two years negotiating COVID-19 restrictions to reach this stage of the project.
“Finally I can announce that our first couple of stages will roll out ASAP,” Mr Eishold said.
“Nothing brings me as much pleasure than being able to say that things are getting under way.”
Mr Eishold said the land had been purchased by Mr O’Brien 22 years ago, with his intention to develop it as a residential estate.
Shepparton-based Mawson’s Constructions won the tender to complete the five stages of earthmoving works, one of five companies invited to be part of the tendering process.
Stage one of the project went on sale 12 months ago, the 22 lots selling out quickly before the second stage of the project was launched.
Stage two is a 17-lot stage, but Mr Eishold said he expected even more interest in stage three.
“The third stage is 35 lots and 70 per cent of those are 900 square metres or larger,” he said.
Mr Eishold said the planning amendment of land had been completed in a timely manner, but securing all of the necessary follow-on and statutory approvals have meant projects like The Edge were forced to extend their start date.
Mr Eishold did warn of impending challenges for land developers with the government’s new Windfall Gains Tax gaining the royal assent in October 2021.
The re-zoning tax will mean developers who buy rural or primary production-zoned land and have it rezoned to residential will be required to pay tax on the uplift in value.
