This article is from the Australian Property Journal archive
STOCKLAND has added to its holdings in a Melbourne growth corridor that has become a particularly active land market.
The diversified developer has picked up 12.3 hectares within the Craigieburn Precinct Structure Plan to add a further 180 homes and a state primary school to its Highlands community.
The site is within the Craigieburn Precinct Structure Plan.
“In Melbourne’s northern growth corridor, the acquisition aligns with our strategy to restock our development pipeline in well-connected corridors close to transport, schools and jobs,” Stockland CEO of communities, Andrew Whitson said.
Stockland plans to build a mix of housing types as a continuation of “The Bridges” precinct of the Highlands community. The land for a new government primary school will be near the existing Oscar Romero Catholic Primary School.
Craigieburn is less than 30 kilometres from the CBD and the community is also serviced with childcare and retail centres. Highlands also has 20 parks and playgrounds, and Aitken Creek.
Land lot prices in the Hume area increased by 0.9% over the 12 months to September, relatively soft compared to the Melbourne average of 7.7%.
Stockland anticipates a marketing launch at the end of 2021 and will commence construction next year.
It has nearly $12 billion invested in Victoria, and a proven track record creating communities across Victoria. To the north, Stockland recently added 140 hectares of land in Beveridge to its portfolio for $125 million, while it has also been active in the Geelong region of late.
The Craigieburn area has seen a glut of activity recently. SGX-listed developer Ho Bee Land picked up the Aitken Hill Conference Centre site for $142 million, and in neighbouring Mickleham a 45.61-hectare greenfield development site.
Mickleham is where ASX-listed land lease and affordable accommodation operator Lifestyle Communities has just bought a site is expects will yield 187 homes, and the suburb is set to be home to the 1000-bed purpose-built quarantine facility that will be funded and owned by the federal government, and operated by the Victorian government.
