Stockland Pays $300 Million For Massive Kalkallo Site, Melbourne

The Lockerbie redevelopment will change that, making the tiny community of Kalkallo, an outer northern suburb of Melbourne. In total it’s expected to house 37,000 residents in an area six times the size of the Melbourne CBD. Shopping centres and commercial zones are also expected to be built.

A train line runs near farm, accessed via the Hume Highway, the main thoroughfare between Melbourne and Sydney.

A farming family will reap the $300 million price paid by Stockland. For many years Delfin Lend Lease had been tied to the redevelopment, opposed by many residents who purchased in the area to escape suburbia.

Stockland now has $3.3 billion in Victorian housing projects under control with the capacity to yield 15,621 lots.

While it’s been boosting its portfolio of suburban assets, it’s been trying to offload inner-city sites around St Kilda Road and South Yarra, with permits for ambitious apartment towers – approved during the heady, pro-development days of the redundant Brumby Government.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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