ID_Land invests again in south east Melbourne
ID_Land is paying $140 million for a housing estate site at Clyde, in Melbourne’s south east.
The 59.16 hectare parcel, farms at 200-230 Moores Road and 185 Manks, falls within the zone affected by the Clyde South Precinct Structure Plan which will allow for low-density residential development.
Near the proposed Clyde Major Town Centre, the block could yield between 1000-1200 lots, according to the Biggin & Scott Land marketing agents, Andrew Egan and Frank Nagle.
The sale price values every hectare at $2.4m, believed to be a record for local land not yet zoned yet for housing.
Elsewhere in the area, ID_Land is behind the 10 year old Potters Grove Office estate and Potters Northside Officer, which launched in 2015.
Clyde is about 50 kilometres from Melbourne.
ID_Land in acquisition mode
Directed by Jeff Garvey and Matt Belford, ID_Land holds numerous sites at Armstrong Creek, near Geelong, including one acquired for $40m last January.
Also last year, the group outlaid $100m for a 266ha Gisborne farm – about a third of which is developable, capable of yielding c700 lots.
Four months ago we reported the Melbourne group expanded into Queensland, purchasing the balance of the Waterlea estate at Walloon, west of Ipswich, for $70m (story continues below).
The Clyde properties
The biggest of ID_Land’s Clyde properties – on Moores Road – was offloaded by the vegetable farm operators the Arnott family.
It includes #200, spreading 15.91ha, and for which the vendor paid $68,000 in 1981.
The neighbouring #230 covers 23.83ha; it cost $600,000 in 1996.
ID_Land’s second site, 185 Manks Rd, on 19.42ha, was sold by Glenn Blundy, the brother of Brett Blundy, an active commercial property investor and the founder and former chairman of BB Retail Capital, which owns Bras N Things amongst other popular retail brands.
The developer will face some major competition in the area – with Brown Property Group recently outlaying $230m for a 115.75ha block in the suburb with the potential to yield over 1500 dwellings.
Frasers, Mirvac and Stockland are amongst the other major builders to have snapped up major housing estates in neighbouring Clyde North over the past 18 months.
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