Melbourne-based property group and fund manager OpenCorp has acquired new sites to host its latest crowdfunded house and land development.

Located in Greenvale, 20 kilometres north of the Melbourne CBD, the 168-lot subdivision site is positioned just metres from the company’s sold out Umbra development.

Currently under construction, Umbra has already generated remarkable returns for investors with an anticipated total return of approximately 110 per cent (forecast was 58 per cent) or a 41 per cent internal rate of return (forecast was 30 per cent).

Like Umbra, investors subscribe to an OpenCorp managed property development fund to participate as equity partners in the new $46m project.

Based on the success of Umbra, 70 per cent of the $11.4 million of the equity being raised for the development has been committed by one major Melbourne investor.

“They participated in the first Greenvale development and were eager to invest in the subsequent similar development,” says OpenCorp director Allister Lewison.

OpenCorp have also closed its capital raising offer with the $3.5 million fund being considerably over- subscribed.

The new development fund is forecast to provide investors a total return of over 54 per cent, or an internal rate of return of close to 23 per cent.

The new Greenvale project is the 23rd project OpenCorp has funded through a property development fund.

“Our development funds provide a great way for family offices, high net worth clients and retail investors to invest in developments when they don’t have the time, money or skills to do so themselves,” Lewison says.

“Our 10 year track record combined with average returns of over 20 per cent per annum are proving very popular with small and large investors, given the returns from other asset classes.”

The new Greenvale development is expected to attract first homebuyers seeking a site to build a family home at an affordable price point in anticipation of the City of Hume’s continued rapid growth.

“The Melbourne market continues to remain very robust for quality developments in the right catchments,” Lewison says.

Greenvale is located a 30 minute drive from the Melbourne CBD and 10 minutes from Tullamarine Airport. It is serviced by a large variety of existing amenities including public transport, shopping, schools, Greenvale Medical Centre, extensive parklands and recreational areas.

“The new development is 250 metres from the Greenvale Shopping Centre and is 1.5 kilometres closer to the CBD than other competing sites,” Lewison says.