Developer ID_Land has bought three parcels of land spanning 59 hectares in the southeast Melbourne suburb of Clyde for $140 million, marking its largest acquisition to date.
The site is expected to yield 1,200 greenfield lots, growing the company’s total pipeline to 6,000 lots across growth-area communities, townhouses and apartments.
The new acquisition will form part of the 1,099ha Clyde South Precinct Structure Plan (PSP) that will transform the suburb with new residential lots, retail amenity, schools, as well as the potential future Clyde Railway Station.
The deal will see the ID_Corp group re-enter the south-eastern growth corridor, following the completion of two completed projects in Officer in 2017.
“It’s no secret that we’ve seen a significant shift in buyer priorities over the last two years, with more younger buyers capitalising on the economic tailwinds for FHBs to secure their first home – we are expecting this activity to remain relatively strong, underpinned by the affordable nature of the growth area land and inner-city townhouses,” said ID_Land’s joint managing directors Matthew Belford and Jeffrey Garvey.
The transaction follows the group’s site acquisitions in Gisborne and Geelong in Victoria last year, as well as its first interstate acquisition in Walloon, Queensland.
Biggin & Scott Land’s Andrew Egan and Frank Nagle managed the sale.
Last December, National Pacific Properties sold a town centre development site in Melbourne’s outer suburb of Clyde to an interstate developer for $67.65 million.
The Clyde major town centre site is a 26.23ha landholding at 1625 Ballarto Road, Clyde – about 48km southeast of the Melbourne CBD.
In other development news, Stockland and Western Sydney University announced plans to develop a 99-hectare site at the university’s Penrith campus into a mixed-use precinct.
Earlier this month, Stockland and Japanese homebuilder Sekisui House teamed up to boost new housing in growth areas in the southwest and northwest of Sydney.
Developer Peet took full ownership of its Flagstone City project in Brisbane’s southeast growth corridor after acquiring Spirit Super’s 50% stake for $46.15 million last month.