Stockland expands in Melbourne’s north

Stockland is speculated to be paying a Syrian Orthodox church c$35 million for its latest parcel.

Stockland is paying a speculated c$35 million for a low density housing estate site near its Highlands community at Craigieburn.

The 12.3 hectare holding is expected to make way for a c200-lot subdivision.

Another portion is earmarked for a government primary school.

The property neighbours four Mickleham sites – covering 45.61ha – which Singapore listed HB Land recently acquired for $80m from Deague Group with plans for a c609-lot residential subdivision.

Last week we reported that buyer outlaid $142m for Craigieburn’s 68.4ha Aitken Hill conference centre, also with plans for a housing estate.

Stockland changes direction

Stockland said its new parcel will extend The Bridges component of Highlands, about 20 kilometres north of the CBD.

The acquisition comes three days since the Sydney group – from June, under the management of Tarun Gupta – announced plans to divest some $2 billion of retail and retirement village product to focus on its residential development pipeline (story continues below).

It has been stocking up on Melbourne housing estate sites all year – picking up parcels at Beveridge – about 15 kilometres north of Craigieburn, and Wantirna.

The company has purchased two blocks in Tarneit, in the city’s west, for a combined $132m.

Last quarter, it outlaid over $60m for two tracts in Geelong’s Armstrong Creek – one which is earmarked for an over-55s community.

Stockland also purchased housing estate sites in recent years at Altona North (which cost over $50m), Brunswick ($15m), Clyde North ($180m), Donnybrook ($105m) and Merrifield North.

The group also controls the ex-Lockerbie sheep station at Kalkallo, now making way for a mixed use but predominantly residential community, Cloverdale.

Yesterday we reported the group sold the Stockland Cairns shopping centre to Melbourne fund manager Fawkner Property for $146m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of