This article is from the Australian Property Journal archive
STOCKLAND has acquired a 116ha property at Coomera on the Gold Coast for $40 million.
The property was acquired from a private vendor with deferred payments evenly distributed over a four year period.
Known as Waterway Downs, the landholding incorporate a 98.2ha primary residential development site, which has approval from Gold Coast City Council for 747 dwellings, being a mixture of traditional detached homes and town homes.
The acquisition also includes two adjacent islands within the Coomera River and the suburb of Hope Island: the 10.1ha Foxwell Island and 8.1ha Thomson Island.
CEO residential Andrew Whitson said Stockland is planning to develop a masterplanned riverside community, which will be surrounded by a 50ha conservation area.
“We’ve maintained our very disciplined approach to residential property acquisitions through the cycle. This is an excellent acquisition, which reaffirms our strategic commitment to South East Queensland and will enable Stockland to maintain its strong presence in the Gold Coast residential property market.
“Waterway Downs will provide us with a very good opportunity to generate positive sales momentum from the current upswing in the South East Queensland residential market, and we expect to achieve incremental internal rates of return and an operating profit margin above our hurdle rates,” Whitson said.
“The primary development site will enable Stockland to increase its presence in the high growth Gold Coast north corridor. It will also enable Stockland to maintain sales volumes after the completion and trade out of other nearby Stockland communities,” he added.
Australian Property Journal
