VicUrban Purchases Melbourne Land Parcel From Stockland For $34.6 Million

Stockland acquired the adjoining parcel of land when it purchased Highlands as part of the Lensworth portfolio in 2004.
Located in Craigieburn in Melbourne’s north, Stockland’s Highlands project comprises more than 7,500 lots on over 750 hectares of land, with residential, medium density and school sites as well as retail and commercial space. The project is currently 25% complete and Stockland maintains some 5,500 lots at the masterplanned community.

Stockland Residential CEO Denis Hickey said “The sale of this super lot to VicUrban will have significant benefits for the community given both organisations’ exemplary approach to urban design practices.”

“We are pleased to work with VicUrban in the future development and ongoing success of the Craigieburn community.”

Mr Hickey said the sale was part of Stockland’s ongoing strategy of reviewing its land portfolio to maximise value for its security holders.
“The sale of this land demonstrates our ability to recycle and unlock value from our large land bank and rebalance the geographic spread of our portfolio.”

VicUrban CEO Pru Sanderson said the acquisition of this parcel of land represents a wonderful opportunity for VicUrban and the local community.
“This is a great example of how VicUrban can work with the private sector during difficult economic times, while ensuring innovations in affordability and sustainability can continue to be delivered in the development industry.

“VicUrban is well known for its affordable and green living focus and delivering diverse and liveable neighbourhoods.
“The introduction of the State Government’s sustainable urban development agency into this area in particular will introduce greater diversity and choice of product into the Craigieburn market, ” said Ms Sanderson.

The parcel sold to VicUrban is currently subject to a precinct planning process to allow residential development. Substantial progress relating to planning and environmental clearances have ensured that significant value has been added to the site over the past few years.

VicUrban will set aside around a quarter of the land to create a biodiversity corridor.

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Marc Pallisco

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

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