Stockland is paying $300 million for a 1,121 hectare Melbourne development – understood to be Australia’s largest individual land transaction.
The Lockerbie sheep station, 35 kilometres north of the CBD, falls within the recently redefined Urban Growth Boundary.
To date the city has sprawled substantially east, and south, but less so, to the north and west.
A Lockerbie redevelopment will change that – potentially making the tiny community of Kalkallo home to 37,000 residents within the next 15-20 years.
Major retail and commercial product is expected to be built on part of the property too.
A train line runs through Lockerbie which is accessed from the Hume Highway (story continues below).
A farming family which has held the estate since the late 1970s is the vendor.
For many years, Delfin Lend Lease had been tied to the purchase; it is believed to have dropped from negotiations after offering a lower amount following the Global Financial Crisis.
Stockland now has $3.3 billion Victorian housing development pipeline – all up c15,621 lots.