This article is from the Australian Property Journal archive
STOCKLAND has bought a 54 hectare residential land parcel in Holmview Queensland as part of its strategy to grow its housing business.
Stockland paid $23.5 million for the Ridge, approximately 35km south of the Brisbane CBD and 2km from Sthe group’s current land holdings at Bahrs Scrub. Settlement will occur in FY10 and profit contribution is expected to commence in FY12.
The Ridge has development approval for around 530 residential lots, bringing Stockland’s total position in the Greater Brisbane South corridor to around 1,600 lots.
This is the sixth residential land acquisition Stockland has made to date in the 2010 financial year, bringing its newly acquired lots to around 5,280 at a total cost of around $274 million for the period.
The project will have an end value of around $210 million.
Stockland CEO residential Mark Hunter said the acquisition would give the group’s QLD residential business further exposure to the popular Greater Brisbane South growth corridor.
“This transaction is a key example of our commitment to increase our market share in key corridors across the country, in line with our growth strategy for the Residential business.
“We’ve also recently extended our market share into new growth corridors in Victoria and Western Australia, with the acquisition of five other land parcels to date in FY10,” he added.
Australian Property Journal
