Stockland has acquired an active 33.3 hectare residential community development at Point Cook in the Wyndham urban growth corridor of Melbourne for $66.2 million, capturing a rare opportunity to add an already successful project to its Victorian portfolio.
Stockland has purchased the property from Sunland Group with an approved master plan in place to create 470 residential lots and a childcare centre.
The new residential development, to be marketed as The Address, is located in one of the most prestigious and highly sought after areas of Point Cook. The site is close to Port Phillip Bay and next to the established Sanctuary Lakes community, 24 kilometres south west of the Melbourne CBD.
Stockland has established a strong brand presence in Melbourne’s south west over many years through its development of the Allura residential community in nearby Truganina, its development and management of Tarneit Skies Retirement Village, and its development, operation and ongoing improvement of Stockland Point Cook shopping centre. Stockland has also recently launched The Grove at Tarneit, a new community comprising 2,500 new homes with a total end value of $637 million.
“The Address at Point Cook will ensure we continue to capture the strengthening demand for new homes in Melbourne’s south west growth corridor as we trade out of Allura in the next 12 months,” added Mr Steinert.
Andrew Whitson, CEO Residential at Stockland, said: “The Address at Point Cook gives us a dual presence in the Wyndham corridor and, more importantly for our customers, provides different options in terms of location, lot sizes, home styles and price points. Our community The Grove at Tarneit is already proving to be very attractive to first home buyers due to its great value house and land packages and close proximity to new rail transport, schools and retail.”
The Address is expected to interest buyers looking to upgrade to the prestigious and tightly held Point Cook market. The Address is close to Stockland Point Cook Shopping Centre, which is anchored by Woolworths, Coles, Aldi, Target, Harris Scarfe, Dan Murphy’s, Rebel Sport, and includes 10 mini-majors, 119 specialty stores and 19 commercial office suites.
Stockland’s new community is also within easy walking distance of the Sanctuary Lakes Resort and Golf Course and Sanctuary Lakes Shopping Centre, which features Coles, Aldi, Kmart, dozens of specialty stores and a medical centre.
There are numerous well-established schools in the area and The Address is also located near the recently completed Saltwater Reserve, which features football ovals, tennis courts, soccer fields, a playground and barbeque area. The new community is within four kilometres of Williams Landing Train Station, offering future residents a 30-minute commute to the city.
Mike Davis, Stockland General Manager Residential in Victoria, said: “As a result of constrained land supply in the area, the well-established local market and its proximity to the CBD and coast, Point Cook has experienced strong price growth in recent years and is primed to perform well over the medium to long term.”
Stockland’s purchase of The Address residential community is its second major land acquisition in Melbourne in as many months. In January, Stockland acquired 65 hectares of residential zoned land at Clyde North in the urban growth corridor of Casey, south east of the Melbourne CBD. Stockland plans to develop a new community comprising 800 homes at Clyde North, with construction scheduled to commence in 2017.
Mark Steinert, Managing Director and CEO at Stockland, said: “This is a strong project that
is trading well and will contribute the first settlements in 2H15 and reflects an internal rate of
return above our hurdle rate.”
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