Stockland has bought a 26-hectare site near Geelong in Victoria with plans for a land lease community, offering 325 land lease homes and 100 residential homes.
The 32-70 McDermott Road site was located in Curlewis – about 17 kilometres east of Geelong’s CBD on the Bellarine Peninsula and 1.7km from the ocean.
Under the Stockland Halcyon Communities land lease model, customers can purchase their new home outright with no entry or exit fees and pay a site rental fee that covers council rates and includes access to community facilities, according to Richard Rhydderch, Executive General Manager of Stockland Halcyon Communities.
Rhydderch said the greater Geelong region was experiencing strong demand from buyers attracted to the coastal lifestyle and proximity to Geelong.
“The Bellarine market has enjoyed substantial price growth as more people see it as an alternative to Melbourne,” Rhydderch said.
“There has been significant infrastructure spend in the region including proposals for a new ferry terminal, significant road upgrades and completion of the Geelong Convention and Exhibition Centre.
“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.”
The deal adds to Stockland’s pipeline of 9,000 land lease community sites across Australia.
The transaction follows Stockland’s purchase of a 13-hectare site in Clyde North in outer Melbourne for $47.5 million for its land lease community portfolio.
Recent housing development deals include Sekisui House Australia’s purchase of a masterplanned estate in Norwest in Sydney’s northwest in March.
In February, developer ID_Land bought three parcels of land spanning 59 hectares in Clyde in outer Melbourne for $140 million, while Stockland and Sekisui House teamed up to boost new housing in growth areas in the southwest and northwest of Sydney.
