This article is from the Australian Property Journal archive
STOCKLAND has bought 100ha land parcel adjacent to its current Highlands residential community in Craigieburn, Victoria for $45.8 million.
The site is located 35km north of the Melbourne CBD and could yield approximately 1,200 lots, with settlements expected to commence from FY13.
This is the fifth residential land acquisition Stockland has made to date in FY10 and brings the total number of lots remaining at the Highlands project to approximately 5000.
Stockland CEO residential Mark Hunter said the acquisition would boost the Victorian residential business significantly in the Hume growth corridor.
“We’ve seen strong interest in our Highlands community since we first took over the project in late 2004 and this transaction will allow us to continue to capitalise on that sales momentum.
“The new site will benefit from the already thriving community at Highlands which includes schools, childcare facilities, a shopping centre and a new retirement village,” he added.
Settlement, which is on partially deferred payment terms, is conditional upon rezoning following the adoption of the Hume R2 Precinct Structure Plan, which is expected to occur by September 2010.
Australian Property Journal
