ASX-listed Stockland has bought a 13-hectare site in outer Melbourne for $47.5 million, as the developer expands its land lease communities (LLC) portfolio in Victoria. 

The site is located on Thompsons Road in Clyde North, about 55km southeast of the Melbourne CBD.  

The site will be used for the new proposed Stockland Halcyon community, comprising about 278 homes, a clubhouse and recreational facilities, subject to planning approvals. Construction is expected to start next year. 

It will be situated within the masterplanned St Germain Estate and adjacent to the future St Germain town centre. 

The site was part of the local precinct structure plan and has been identified for retirement living use. 

Under the LLC model, customers can purchase their new home outright with no entry or exit fees and pay a site rental fee, which covers council rates and includes access to modern community facilities. 

The new site is located near the Stockland Halcyon LLC Minta community under construction in Berwick and the Stockland Halcyon Evergreen community, currently in planning, in Clyde. 

Kingsley Andrew, Executive General Manager of Land Lease Communities at Stockland, said the strategic acquisition adds to Stockland’s portfolio of about 9,000 LLC home sites across Australia. 

“The Clyde North market is experiencing growing buyer demand with solid pricing expectations,” Andrew said.  

“There is an estimated target population of around 87,000 people aged over 55 within a 15km radius of the proposed community.  

“With several other retirement living and LLC communities in the area we believe there is an excellent opportunity to create a thriving LLC community that becomes part of the fabric of Clyde North.” 

The deal comes after developer ID_Land bought three parcels of land spanning 59 hectares in Clyde for $140 million last month.  

The site was expected to yield 1,200 greenfield lots, growing the company’s total pipeline to 6,000 lots across growth-area communities, townhouses and apartments.  

In December last year, National Pacific Properties sold a town centre development site in Clyde to an interstate developer for $67.65 million.   

The Clyde major town centre site was a 26.23ha landholding at 1625 Ballarto Road and was likely to be a multi-supermarket shopping centre with surrounding supportive commercial and retail uses.