Stockland is continuing to build its Melbourne residential development pipeline, with speculation it is paying Ouson Group $125 million for a low-density housing site at Beveridge – Ned Kelly’s birthplace.
The Sydney buyer has denied to comment about the deal since it was mooted in February, however agency sources are adamant.
The 140 hectare Stewart Street block has the potential to be subdivided into more than 1600 lots.
Ouson agreed to pay Nick Baldi Constructions c$74m for the property, on deferred terms, in 2015.
Any onsale would come 18 months since Stockland spent $105m on an 89.5ha housing site at Donnybrook – about 10 kilometres closer to the city than Beveridge.
Elsewhere in the outer north, the developer is constructing Cloverton – with residential and commercial product – on Kalkallo’s 1121ha former Lockerbie sheep station which cost $300m in 2010.
In February, the Merri Park cattle farm at 1545 Merriang Road and 300 Donovans Lane, Beveridge, traded to the Scerri family’s JMS Hospitality and Sino Intergrity Group.
Spreading 435ha, this parcel sold for $100m (story continues below).
Like Cloverton, a chunk is earmarked for industrial.
Beveridge is about 42 kilometres from the city.
Stockland builds Melbourne development pipeline
Last month Stockland outlaid $60m for the former Wantirna Caravan Park, in Melbourne’s east, with plans for a medium-density housing estate.
In March the group spent $50m on the 38ha balance of the Grand Central community, in west Tarneit – with the potential to yield 493 lots.
Late last year the developer paid the Follett family c$180m for a 130.7ha farm in Clyde North, next to its Edgebrook housing estate.
Stockland is also intending high-density product on a 4010 sqm Brunswick block it bought for c$15m early last year.