Stockland today announced it is paying $48 million for a 6.3 hectare residential development site in Altona North, about 10 kilometres west of the Melbourne CBD.
The property is part of a 67 hectare industrial pocket recently zoned by the Victorian Planning Authority as “Precinct 15” and earmarked for intense residential redevelopment.
Stockland plans to build 276 townhouses on what is currently occupied as the Secon Freight Logistics head office on Blackshaws Road, and an adjoining property which has a wide frontage to Kyle Road.
The Altona North deal, speculated last November, comes four months after Stockland paid $62 million for an 11.5 hectare site in Braybrook, about nine kilometres west of the CBD.
“This acquisition in Altona North supports our strategy to grow our portfolio of new town-homes close to the Melbourne CBD,” Andrew Whitson, CEO of Stockland Residential Communities, said in a company statement. “This is another great site in a rapidly gentrifying middle ring suburb of Melbourne that we’ll transform into a highly liveable community.”
Stockland’s proposed townhouses will be configured with two, three and four bedrooms. Five per cent of the total number of dwellings will be dedicated to affordable housing, it said. Construction is set to start in 2020. Read its full statement about the purchase here.
The Precinct 15 area will include six hectares of green space and a 3800 square metre park. The site is about 1.5 kilometres from the West Gate Freeway and near train stations at Spotswood and Newport. It has previously been described by the local Hobsons Bay council as one of Melbourne’s most significant urban renewal opportunities.