ID_Land is paying c$40 million for its third housing estate site at Armstrong Creek, south of Geelong.
Comprising 86-100 and 102-148 Reserve Road, and being acquired from two ownership groups, it has the potential to be subdivided into about 500 lots and make way for product with an end value of c$135m.
Branded The Reserve, the first subdivided parcels are expected to be offered early this year.
Armstrong Creek’s profile to rise
The Reserve Rd purchases come 10 years after ID_Land formed a partnership with Costa Group to replace a 40ha Armstrong Creek ex-farm with a low rise residential community.
Wel.Co is behind one of the precinct’s biggest present projects; with a 40ha town centre, it is forecast to have a c$1 billion end value (story continues below).
Last month, Jinding Developments, Yolk Property Group and the Harkness family broke ground at a 94ha housing estate, Harriott, at 2 Harriott Rd, set to contain 659 plots.
Villawood Properties is also marketing a residential village, Mt Duneed, in Armstrong Creek (artist impression, top).
In the week before Christmas, the local council announced plans for a $12.95m neighbourhood and community centre, next to Mirripoa Primary School.
At Gisborne, about a 45 minute drive north west of Melbourne, ID_Land is replacing a 76ha farm acquired for $61.1m in 2018, from vendors which had held it for 85 years, with a housing community containing c600 dwellings.