This article is from the Australian Property Journal archive
STOCKLAND has added land in Beveridge to its portfolio, sustaining its $2.6 billion strong Victorian pipeline.
Sitting adjacent to Stockland’s existing Cloverton community in Kalkallo, the 140-hectare site at 75 Stewart Street and 261 Beveridge Street will become homes a new master planned community, comprised of around 1,400 dwellings.
The deal for site, which is located 36 kilometres outside of the Melbourne CBD, was initially reported to be valued at around $125 million.
“Cloverton is set to become the metropolitan hub of Melbourne’s north and will provide future residents at Beveridge with essential services and amenity with health and tertiary education infrastructure included in future plans,” said Mike Davis, general manager of residential, Victoria.
Acquired from Ouson, the permit approved site is the largest in the Beveridge area, which is within the growing Mitchell Shire Council in Melbourne’s northern growth corridor.
“We appreciate Ouson’s professional approach to making this acquisition happen, which aligns with our strategy to increase our portfolio weighting and market share in Victoria and capitalise on our experience with the successful Highlands and Cloverton communities,” said Andrew Whitson, CEO of Stockland Communities.
The permit on for the site includes plans for not just housing, but a town centre, mixed-use precincts, schools, open space and a train station, proposed in the state government’s Lockerbie Precinct Structure Plan.
“The outlook for the master planned community market is positive, supported by low mortgage rates, access to credit and an ongoing preference for low density living, bolstered by more time spent at home as a result of greater workplace flexibility,” added Whitson.
The adjacent Cloverton community, is currently home to over 2,500 residents, with amenities including three parks, a community centre, an early learning centre, with a primary school set to open next year.
“Construction is near complete on a major sporting field project and works are set to commence on the Kallo Shopping Centre. Stockland is also working closely with State and local government to deliver road infrastructure to meet the growing needs of the community, including the regionally significant Cloverton Boulevard Bridge,” added Davis.
The northern growth corridor has ample access via the Hume Freeway, Donnybrook Train Station and Wallan Train Station, on top of the planned Beveridge station.
“This acquisition builds on our strong track record of delivering affordable housing to meet the needs of tomorrow’s homebuyers. The future master planned community will be complementary to our vision for the nearby Cloverton community with a focus on liveability and community,” said Whitson.
Stockland recently boosted its land lease portfolio with the purchase of a 12-hectare site in Victoria’s largest contiguous growth area, Armstrong Creek. while also consolidating two future precincts in the Marsden Park development site, adding to its presence in the north western Sydney growth area.
“Stockland has over $2.6 billion invested in Victoria and a long history delivering some of the State’s most liveable and affordable communities. This acquisition in Melbourne’s northern growth corridor is a natural expansion of our significant portfolio across metropolitan Melbourne,” said Davis.
Sales and initial site works for Beveridge are set to commence in mid-2022.
