Stockland has acquired an 89.5 hectare land parcel within the Donnybrook precinct in Melbourne’s north for A$105 million.
The land is located within the approved Donnybrook Woodstock Precinct Structure Plan, one kilometre east of the Donnybrook Train Station and 30 kilometres from the Melbourne CBD.
Stockland plans to develop approximately 1,500 new homes, as well as open spaces, a large recreation area and a future school on the new land parcel.
”This acquisition extends our long-term presence in the northern growth corridor of Melbourne, which is one of the fastest growing corridors in Australia. The northern corridor will play a key role in the future economic and employment growth of Melbourne, and is expected to be home to over 260,000 people over the next 30 years,” said Andrew Whitson, Stockland CEO of Communities.
”The acquisition aligns with our strategy to restock our residential pipeline with new projects projected to achieve returns above our hurdle rates,” he added.
”This opportunity further strengthens our capacity to deliver affordable new homes in desirable locations as Melbourne continues to grow, and with approvals in place, allows us to bring affordable new land to market quickly – increasing opportunities for first home buyers and families to enter the property market,” continued Whitson.