Melbourne Water block sold for townhouses
Melbourne Water has sold ID_Land an infill development site north east of the city.
The 2.8 hectare tract at 91 Williamsons Road, South Morang, near Middle Gorge train station, will make way for about 100 townhouses.
The parcel is costing $7.35 million.
ID_Land’s proposal is estimated will have an end value of c$50m.
Gross Waddell ICR’s Andrew Greenway and Danny Clark were the agents.
South Morang is 22 kilometres from town.
Middle Gorge townhouses
ID_Land has a development pipeline worth $2.5 billion; medium density projects represent a quarter of that.
A development application for the South Morang townhouses will be submitted by years’ end.
The owner’s residential building arm, Shape Homes, will deliver them (story continues below).
“The recent acquisition is in line with our development model of infill sites throughout the inner and middle rings of Melbourne, continuing the rapid expansion of diversification which has added to the developer’s regional and greenfield land-lot pipeline,” ID_Land joint managing directors, Matthew Belford and Jeff Garvey, said.
“We are taking a dual approach to acquisitions with a growing number of townhome, infill and built-form projects adding to our greenfield interests, which allows us to be nimble in our approach, and respond to changing markets in real time,” according to the executives.
“The uptake in both sales and enquiry across our townhome projects has continued to exceed our expectations, which we attribute to the growing demand for prime inner-city residences at a lower price point than established houses in the immediately surround areas,” Mr Garvey added.
“We are confident that market sentiment will continue to climb in the short to medium term, and will therefore continue to seek appropriate acquisition opportunities across the eastern seaboard or in multiple sectors this year,” he said.
“Our aim is to be launching approximately 200 inner-city townhomes to the market each year”.
The developer added that it reported $56m in sales at the launch weekend of its Port Lane project, at 201 Williamstown Rd, near Sandridge Beach, in Port Melbourne.
“The successful opening weekend at Port Lane mirrors that of the developer’s previous medium density project, Yarraville Place, which sold $45m – more than 50 per cent of all stock – over the launch weekend in 2019 and is now sold out”.
In January, ID_Land paid $40m for a 37ha Armstrong Creek site, near Geelong – its third property in the pocket.
