Stockland has invested again around Geelong, picking up a Curlewis farm with plans for a Land Lease Community and traditional housing estate.
The 26.12 hectare block, 32-70 McDermott Road, is costing about $60 million, according to sources.
Affected by the Jetty Road Urban Growth Plan, it has the potential to yield about 420 lots.
Some homes would have views to the water, about 1.7 kilometres away.
Biggin & Scott Land’s Andrew Egan and Frank Nagle marketed the property.
Their deal comes nine months since Stockland re-entered the Geelong residential market after an 11 year hiatus – paying $43m for a 30.6ha Armstrong Creek site to replace with a c500-lot traditional housing estate.
Not long after, the group outlaid $18m for a 12.1ha block near there with plans for a c250-dwelling LLC.
Another Victorian LLC project
Under the LLC model, residents own their homes but pay a site rental fee which also covers things like rates and occupant-only facilities, like clubhouses, swimming pools and tennis courts.
Last July, Stockland paid $620m for LLC developer and investor Halcyon, giving it access to 3800 Queensland lots – and 100 staff (story continues below).
In Melbourne’s south east, the developer owns building blocks for this kind of product at Berwick, Clyde and Clyde North – the latter which set it back $47.4m in March.
The Curlewis property is earmarked for 325 LLC dwellings and 100 traditional homes.
“The greater Geelong region was experiencing strong demand from buyers attracted to the coastal lifestyle and proximity to Geelong,” Stockland Halcyon Communities executive general manager, Richard Rydderch said.
“The Bellarine market has enjoyed substantial price growth as more people see it as an alternative to Melbourne,” he added.
“There has been significant infrastructure spend in the region including proposals for a new ferry terminal, significant road upgrades and completion of the Geelong Convention and Exhibition Centre,” according to the executive.
“This acquisition gives Stockland a unique opportunity to add to our pipeline of 9000 LLC sites across Australia and build on our current exposure in the Greater Geelong and Bellarine Peninsula markets”.
The McDermott Rd masterplan includes a clubhouse and recreation facilities.
Considered outer metropolitan Geelong, Curlewis is 17km east of its CBD.
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