This article is from the Australian Property Journal archive
WITH the purchase of a site in Melbourne’s south east suburb of Wantirna, Stockland is adding residential townhomes to its pipeline.
The newly acquired 8.33-hectare site property has a planning approval for around 248 dwellings, in addition to a 5,500m2 site for medium density use.
“This acquisition aligns with our strategy to re-stock our residential pipeline early in the cycle, in target corridors with strong demand fundamentals and expected total returns above our hurdle rates,” said Andrew Whitson, CEO and communities group executive of Stockland.
The site sits adjacent to the proposed Wantirna Health Precinct, with the Victorian Planning Authority’s planned precinct to be anchored by a public hospital, with health, research, education and innovation facilities.
“We are seeing strong demand across the Melbourne market for homes in great locations that are well serviced by good schools and nearby retail. This is a great site in a rapidly gentrifying middle ring suburb of Melbourne that we will transform into a highly liveable community,” added Whitson.
The property is located 24 kilometres from the Melbourne CBD and just seven kilometres from Stockland’s Waterlea Community, as well as boasting access to key transport routes.
“With less than 20 homes remaining, the popularity of our Waterlea Community has demonstrated the demand that exists for architecturally designed and sustainable townhouses with access to high quality private and public open spaces,” said Ben Cantwell, Stockland’s General Manager for Built Form.
This purchase comes after Stockland’s March acquisition of a 38 hectare site in Tarneit in Melbourne’s western corridor for around $50 million from Chinese developers New Sky Group.
“Like our Waterlea Community, this site allows us to offer customers a mix of dwelling types including semi-detached homes and townhouses. Waterlea has been very popular with our customers due to the mix of dwelling options available and we expect considerable interest from people keen to enjoy a similar community,” said Cantwell.
Stockland has invested over $2.7 billion in Victoria and recently delivered its strongest first half sales results in four years.
Subject to finalisation of approvals, pre-sales and development at the site are expected to commence in mid-2022.
Stockland’s acquisition comes as more developers bolster their medium density development portfolio. ID_Land this week acquired a 2.8 hectares site in Melbourne’s north.
