Stockland spends $82m in Melbourne’s west

Also today we are reporting Brown Property Group is spending c$230m on a Clyde housing estate site.

Stockland is paying $82 million for a low density housing site in Melbourne’s west Tarneit.

The c85 hectare block at 85-87 Sewells Road was last year approved for an 802-lot subdivision.

The Sewells Road site is surrounded on two sides by the Werribee River.

The property is near the Grand Central estate, which the developer acquired a 38ha piece of for c$50m in March.

Elsewhere in Melbourne’s west, Stockland holds two Truganina housing sites – Grandview and Mount Atkinson.

Stockland’s Tarneit Skies retirement village, about five kilometres from 85-87 Sewells Road.

In 2019 it formed a partnership with Food Investments Ltd to build 210 townhouses on an Altona North former industrial property – near a 6.3ha block it acquired for $50m in 2017 from Secon – where another medium density community, Haven, is planned.

The developer is expected to begin marketing its Sewells Rd site shortly.

The vendor is a syndicate including David Hodge, George Petsinis and PSP Real Estate agent Manpreet Dandiwal.

Stockland expands each side of the city

The Sewells Road deal comes three months since Stockland paid $125m for a 140ha site in Melbourne’s north Beveridge, capable of yielding 1600 housing plots (story continues below).

Not far from there, at Donnybrook, the group two years ago outlaid $105m for an 89.5ha block where it is intending a 1500-lot subdivision.

The builder also controls Kalkallo’s ex-Lockerbie sheep station, for which it paid two sisters c$300m in 2010.

That holding is now making way for a master-planned estate, Cloverton.

Two years ago the developer acquired a 342ha parcel near to this, at Merrifield North.

In inner-north Brunswick, it also controls a 4010 square metre former timber yard which cost $15m in early 2020 and is now the subject of a high density apartment application.

In the east, in April, Stockland spent $60m on an 8.33ha ex-caravan park, in Wantirna, which had a scheme for 350 dwellings, a mix of townhouses and apartments.

Almost a year ago, the developer paid the Follet family a speculated $180m for a 130.7ha low density housing estate in Clyde North, about 46 kilometres south east of Melbourne.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.