New townhome sites in Altona North and Merrifield North in Melbourne, Victoria.
Stockland has two agreements to restock its Victorian pipeline – a townhome site adjacent to its existing Altona North project in Melbourne’s inner west, and a 342 hectare land parcel in the Merrifield North Precinct Structure Plan area, in Melbourne’s north.
In Altona North, Stockland has entered into an agreement with landowner Food Investments Ltd to develop approximately 210 townhomes adjacent to its current Altona North project, where an additional 286 homes will be developed as part of the area’s Precinct 15 structure plan.
The Precinct 15 plan will transform the former industrial zone into a mixed use community that will include homes, a town centre, almost five hectares of open space, community spaces, a commercial precinct and affordable housing.
Stockland CEO of Communities, Andrew Whitson said: “This agreement with Food Investments Ltd takes our townhome exposure in Melbourne’s growing inner-west to around 900, and extends our exposure to the Altona North area.
“Our national pipeline of townhomes now sits at more than 3,200, with approximately 1,300 in Victoria. Townhomes form part of our strategy to broaden the market reach of our Communities business and are making a meaningful profit contribution from FY19.”
As the current landowner, Food Investments will maintain a stake in the project, which will be developed and delivered by Stockland over the next 5-10 years, subject to planning approvals and market demand.
The proposed plan also includes a future community centre and an approximate $1.5 million contribution towards affordable housing.
Stockland also announced that it has entered into a long-dated Project Delivery Agreement to develop 342 hectares of land in the Merrifield North Precinct Structure Plan area, in close proximity to Stockland’s Cloverton community at Kalkallo.
The agreement has been facilitated on capital efficient terms in a strategic growth area, which is currently unzoned and will undergo a rezoning process over the coming years.
Mr Whitson continued: “The development of this additional land further strengthens our capacity to deliver affordable new homes in desirable locations as Melbourne continues to grow.”
This article was first published in The Fence magazine.