Stockland has acquired another low-density residential development site, this time at Armstrong Creek, between Geelong and Torquay.
The 30.6 hectare parcel, 502-580 Boundary Road, is costing $43 million.
Also with frontage to Batten and Horseshoe Bend roads, a 500-lot subdivision is planned.
The purchase comes 11 years since the developer received ministerial approval to replace a 195ha Point Lonsdale block with a housing estate containing 769 dwellings.
Biggin & Scott Land’s Andrew Egan and Frank Nagle marketed 502-580 Boundary Rd.
Less than a five minute drive to Marshall train station, the Boundary Rd site is diagonally adjacent to a proposed secondary school.
Its western boundary is opposite the Ashbury estate, being delivered by Dennis Family Homes.
Charlemont Rise (Lillrose Developments), Harriott (Jinding) and Watermark (ID_Land) are also in the area.
Newland’s Warralilly, which also contains an Aldi and Woolworths backed shopping centre, plus an education precinct, is in the vicinity too.
Armstrong Creek – one of the state’s fastest growing development corridors – is about 10 kilometres south of Geelong.
It is both less than 15km north of Torquay and west of Barwon Heads.
“We are excited about returning to the Greater Geelong area…that appeals to customers taking advantage of more flexible work arrangements who value easy access to the cities of Melbourne and Geelong,” Stockland chief executive officer, Communities, Andrew Whitson said.
“This acquisition perfectly aligns with our strategy to re-stock our residential pipeline in corridors with strong demand that cater to continued customer preferences for low density living,” according to the executive (story continues below).
General manager, Residential, Mike Davis added “as part of the approved Horseshoe Bend residential precinct, our new master-planned community at Armstrong Creek will provide a variety of housing choices on tree-lined streets, featuring a generous, revegetated waterway”.
Stockland buys north, east, west and south
Stockland intends to start selling subdivided Armstrong Creek blocks early next year.
Last month, the group paid $82m for an 85ha low density housing site in Tarneit, west of Melbourne – near another of its estates.
Not long earlier, we reported the company was paying Ouson Group $125m for a tract in Beveridge, in the north.
Four months ago it picked up an ex-Wantirna caravan park for a townhouse project.
Stockland builds high density product too – some 145 apartments are planned for a 4010 sqm site it acquired early last year in Albert St, in inner city Brunswick.
Developers, institutions spend in Armstrong Creek
Last month, ID_Land purchased its fourth Armstrong Creek site – on Barwon Heads Rd.
In January, it acquired the third; spreading 37ha, it cost $40m.
Central Equity has also recently invested in the area – outlaying $21.5m for a 13.4ha plot on Horseshoe Bend Rd capable of yielding c200 dwellings.
In June, Home Consortium, for its Daily Needs REIT, paid Wel.Co $55.6m for the recently completed Armstrong Creek Town Centre – a Coles backed retail investment on 2.1ha at 458-540 Surf Coast Hwy.
Subscribe to our newsletter at the bottom of this page.