Property group Stockland has acquired a 131-hectare land parcel in Clyde, in Melbourne’s south eastern suburbs, as part of its plan to restock its residential pipeline.
Located around 59 kilometres south east of Melbourne’s CBD in the Casey growth corridor, the site at 470 Pattersons and 1965 Ballarto Road is less than two kilometres east of Stockland’s existing Edgebrook project.
Subject to planning and development approval, the current masterplan includes more than 1400 lots and townhome sites, two schools and a local town centre, a10 hectare recreational park and an indoor community recreation facility.
Stockland CEO of Communities Andrew Whitson said the announcement aligns with the company’s strategy to restock its residential pipeline in well connected, desirable locations.
“Having successfully delivered eight major projects in this corridor over the past 15 years, our strong brand presence, proven track record and knowledge of the area position us well to deliver another successful community and extend our long-term presence in Melbourne’s supply-constrained south east,” Whitson said.
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“We have more than $2.7 billion invested in Victoria and a long, proud history delivering some of the state’s most liveable communities. The Melbourne market continues to be underpinned by strong fundamentals and we’re pleased to be able to help generate economic activity and jobs creation through our projects, particularly in light of the challenging period Melburnians have experienced.”
Stockland General Manager of Residential for Victoria Mike Davis said the timing of the acquisition will allow the company to offer affordable, well connected and highly liveable homes in a sought-after location.
“Despite the Stage 4 restrictions in Melbourne, we’ve seen strong demand and sales success with the recent launches of our Katalia project in Donnybrook, and Haven townhome project in Altona North both selling out the first releases. Managed entirely virtually, these sales results demonstrate our strong brand value and the underlying demand for affordable, quality homes in Melbourne. Our Minta community in nearby Berwick is also seeing good demand for both land and townhomes,” Davis said.
“The events of 2020 have seen a shift in customer preference towards affordable homes in lower density masterplanned communities with access to open space and local services. This acquisition allows us to continue leveraging our competitive advantage in the area, while bringing affordable new land to market quickly and increasing opportunities for first homebuyers and families to enter the property market.”