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A Geelong land owner has cashed in on one of the last development approvals by former planning minister Matthew Guy before the Napthine government was voted out.

Three almost neighbouring sites totalling about 100 hectares on the north-west outskirts of greater Geelong have exchanged to developers in two speculated deals totalling $20 million – or about $200,000 per hectare.

Mr Guy incorporated the Lovely Banks rural parcels into the Urban Growth Boundary a month before the Napthine state government was voted out in November.

The blocks are expected to make way for housing, long being identified in the City of Greater Geelong council’s G21 Regional Growth Plan, which aims to expand Geelong’s population to beyond 500,000 by 2050.

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