This article is from the Australian Property Journal archive
STOCKLAND has snapped up a residential development site in Melbourne’s inner western suburb of Braybrook for $62 million.
The vacant 11.5 hectare landholding at Braybrook is approximately 9km west of the CBD. The site was offered for sale by real estate agency, Melbourne Acquisitions.
The property is zoned for residential purposes and has an approved development plan and permit for the construction of up to 422 townhouses.
Stockland CEO Mark Steinert said the acquisition will restock the group’s townhouse development pipeline. Stockland has commenced construction on more than 600 townhouses in Sydney, Melbourne, Brisbane and Perth in the last 12 months. It has also identified a future pipeline of more than 2,000 townhouses within its residential communities and at standalone sites such as this one.
He added that Stockland is on track to achieve around 300 townhouse settlements for FY17.
“Nationally, Stockland sells approximately 50% of its residential lots and completed homes to first home buyers. Stockland is positioning its townhouse developments as an important part of its strategy to improve housing affordability in Australia’s major capital cities,”
Stockland is planning to offer the townhouses at Braybrook at affordable price points that will appeal strongly to first home buyers. Stockland has also made a commitment to the City of Maribyrnong, which will ensure the development meets the council’s 5 per cent Affordable Housing Target.
“This is an excellent acquisition that will restock our pipeline and help us to generate additional sales momentum in Melbourne.
“We recognise that new townhouses will play an increasingly important role in the gentrification and densification of Australia’s major cities, as we provide more affordable and convenient homes in key locations,” he added.
Residential communities CEO Andrew Whitson said the Melbourne property market continues to be driven by strong fundamentals and homes in locations such as this, that are well serviced by excellent transport infrastructure, abundant local employment opportunities and good schools nearby, are in very strong demand.
Medium density and completed homes general manager Ben Cantwell said the acquisition will enable Stockland to broaden its market reach by appealing to customers who want to live in a modern, luxurious, low maintenance townhouse close to the city.
“We’ve established a very good working relationship with the City of Maribyrnong Council and we have a shared vision for the project. We’re planning to create a vibrant, new community, which will offer a variety of townhouses to suit different types of buyers.
“Braybrook is a very well established, middle ring Melbourne suburb and we’re anticipating a high level of interest in this new residential townhouse community.” Cantwell said.
The Braybrook townhouse development will contribute first sales and settlements to Stockland’s Residential business from FY19.
Australian Property Journal
