Stockland has added to its residential pipeline following a south eastern Melbourne acquisition.
The purchase of the 8.33 hectare site at 203 Mountain Highway, Wantirna, already has planning approval for approximately 248 dwellings and 5,500m2 preserved for future medium density use.
Located just 24 kilometres south east of the Melbourne CBD, the site has access to key transport route and is adjacent to the Victorian Planning Authority’s proposed Wantirna Health Precinct – a future integrated ‘health city’ anchored by a new public hospital with complementary health, research and education facilities.
“This acquisition aligns with our strategy to re-stock our residential pipeline early in the cycle, in target corridors with strong demand fundamentals and expected total returns above our hurdle rates,” he said.
“We are seeing strong demand across the Melbourne market for homes in great locations that are well serviced by good schools and nearby retail. This is a great site in a rapidly gentrifying middle ring suburb of Melbourne that we will transform into a highly liveable community.”
Stockland built form general manager Ben Cantwell said the company’s Waterlea Community, which has less than 20 houses remaining, has demonstrated the demand that exists for architecturally designed and sustainable townhouses with access to high quality private and public open spaces.
“Like our Waterlea Community, this site allows us to offer customers a mix of dwelling types including semi-detached homes and townhouses. Waterlea has been very popular with our customers due to the mix of dwelling options available and we expect considerable interest from people keen to enjoy a similar community,” he said.
“Stockland has over $2.7 billion invested in Victoria and a long history delivering some of the state’s most liveable and affordable communities, including Highlands in Craigieburn and Orion in Braybrook.”
Subject to finalisation of approvals, pre-sales and development are expected to commence in mid-2022.
Stockland is an $11 billion ASX-listed diversified group that specialises in office, retail, mixed-use residential communities and the booming logistics and warehouses business.