Stockland is paying $48 million for a 6.3 hectare Altona North residential development site.
The property is part of a 67ha ex-industrial pocket classified by the Victorian Planning Authority as “Precinct 15” and earmarked for medium density projects.
The Sydney builder is planning 276 townhouses.
Secon Freight Logistics previously occupied the Blackshaws Road property as its head office.
The holding also fronts Kyle Rd.
The deal comes four months since Stockland spent $62m on a nearby 11.5ha Braybrook factory, also with plans for housing.
“This acquisition in Altona North supports our strategy to grow our portfolio of new town-homes close to the Melbourne CBD,” Andrew Whitson, Stockland Residential Communities chief executive officer said (story continues below).
“This is another great site in a rapidly gentrifying middle-ring suburb of Melbourne that we’ll transform into a highly liveable community,” he added.
The Altona North townhouses are designed with two, three and four bedrooms.
Fourteen will be dedicated to affordable housing.
Construction will start in three years.
Precinct 15 will include six hectares of green space and a 3800 sqm park.
The site, about 10 kilometres west of the CBD, has been described by Hobsons Bay council as one of Melbourne’s “most significant urban renewal opportunities”.