Stockland Pays $300 Million For Massive Kalkallo Site, Melbourne

SYDNEY-based Stockland Limited has committed to paying $300 million for a 1,121 hectare development site north of Melbourne, reportedly Australia’s largest ever individual land transaction.

The Lockerbie sheep station, about 35 kilometres north of Melbourne, falls within the recently redefined Urban Growth Boundary, now, effectively allowing it to be rezoned for residential use.

To date Melbourne has sprawled substantially east, and south, but less so, to the north and south.

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