Stockland has bought a 124ha land parcel in Victoria’s fastest growing municipality for $56.5 million, in anticipation of rezoning. The developer bought the site in the City of Wyndham on deferred payment terms, conditional upon re-zoning that is expected to occur in June 2011.
Located 20 kilometres south-west of the Melbourne CBD at Leakes Road Truganina, the site will provide Stockland with a strategic presence in a key Victorian corridor where it currently has no exposure.
Stockland is aiming to increase its market share and geographic diversity in key growth areas across the country, Stockland CEO residential, Mark Hunter, said.
“The site is in Victoria’s fastest growing municipality and the second fastest growing area in Australia. It is a key example of our commitment to diversifying our land holdings in line with our growth strategy for the residential business,” Hunter said.
With a concept masterplan for around 1,300 lots, the site will enable Stockland to deliver a future masterplanned community incorporating parks, schools and commercial facilities.
“This property has been privately owned for over 50 years and we intend to acknowledge the family history of the site in our plans,” Hunter said.
“We look forward to working with the City of Wyndham and other local stakeholders to deliver a sustainable new community at Truganina.”
The sale was conducted via a public Expression of Interest process handled by Paul Powderly, Theo George and Tim Mutton of Colliers International.
