Stockland spends $105m on Donnybrook residential land
The country’s largest residential property developer Stockland has unveiled the acquisition of an 89.5-hectare land parcel in the Donnybrook precinct in Melbourne’s north.
Stockland splashed out about $105 million for the site on the back of expectations that the housing market will surge in coming years, as demand picks up and supply remains constrained.
Stockland chief executive of communities, Andrew Whitson, says the acquisition extends the company’s long-term presence in the northern growth corridor of Melbourne, one of the fastest expanding in Australia.
Commercial Insights: Subscribe to receive the latest news and updates
The northern corridor is set to play a key role in Melbourne’s future economic and employment growth, and is expected to house more than 260,000 people over the next 30 years.
“The acquisition aligns with our strategy to restock our residential pipeline with new projects projected to achieve returns above our hurdle rates,” he says.
The land is in the approved Donnybrook Woodstock Precinct structure plan, 1km east of the train station and 30km from the Melbourne CBD.
