This article is from the Australian Property Journal archive
STOCKLAND is increasing its presence in Greater Geelong with the acquisition of a 26.12-hectare site in Curlewis, earmarked for a land lease community.
The proposed masterplanned LLC at 32-70 McDermott Road, which sits around 17km east of the Geelong CBD and around 91km out from Melbourne, will include approximately 325 land lease homes and 100 residential homes.
With the site sitting less than 2km out from the ocean on the Bellarine Peninsula, Stockland is looking to cash in on the rising demand for coastal living within close proximity of Geelong.
“The Bellarine market has enjoyed substantial price growth as more people see it as an alternative to Melbourne,” said Richard Rhydderch, executive general manager of Stockland Halcyon Communities.
The Greater Geelong region in benefiting from significant levels of infrastructure spending, including plans for a new ferry terminal, road upgrades and the recently completed Geelong Convention and Exhibition Centre. (LINK?)
“Curlewis offers the perfect mix for lifestyle-seeking retirees. The proposed masterplan will include a clubhouse and recreational facilities set in attractive landscaping complementary to the coastal and rural character of the precinct,” added Rhydderch.
Rhydderch also noted that the community would sit within close access of established services such as the nearby shopping centres and a range of recreational and sporting activities, with the Geelong city centre also close by.
Through the Stockland Halcyon Communities model homebuyers can purchase a home with no entry or exit fees, while paying rent on the site which includes council rates and access to community facilities.
“This acquisition gives Stockland a unique opportunity to add to our pipeline of 9,000 LLC sites across Australia and build on our current exposure in the Greater Geelong and Bellarine Peninsula market,” concluded Rhydderch.
While in March, the group added 13 hectares of land in Melbourne’s south east growth corridor to its land lease portfolio for $47.5 million, moving to reweight its focus towards LLC assets, offloading its retirement living business to Swedish investor EQT Infrastructure for $987 million.
