Stockland has purchased its second Armstrong Creek development site in three weeks.
The latest property, 529-549 Horseshoe Bend Road, is earmarked for an over-50s land lease community.
On 12.07 hectares, the tract is speculated to be costing over $18 million.
Last month, the developer outlaid $43m for a 30.6ha parcel in the suburb, with plans for a 500-lot standard residential project.
In June, Central Equity outlaid $21.5m for a 13.4ha Armstrong Creek block, 371-379 Horseshoe Bend Rd.
529-549 Horseshoe Bend Road, Armstrong Creek
Starting early next year, Stockland is expected to construct 250 dwellings, a clubhouse and recreation facilities at 529-549 Horseshoe Bend Rd (story continues below).
“Continuing to grow our land lease business is aligned with our ambition to become a leading land lease communities operator,” Kingsley Andrew, general manager of Stockland’s Land Lease Communities said.
“Our…model allows customers to purchase their new home outright with no entry or exit fees, and pay a site rental fee which covers council rates, and includes access to modern community facilities for all homeowners,” he added.
“With 46 per cent of the local catchment area aged 55-plus, and constricted supply of over-50s housing available, we believe there is an excellent opportunity for servicing the market in one of Victoria’s largest contiguous growth areas,” according to the executive.
Including 529-549 Horseshoe Bend Rd, its pipeline for these dwellings increases to c7800.
Subscribe to our newsletter at the bottom of this page.