Stockland is on the march as it seeks to dominate the profitable land lease market.
Last month, the property development group announced it had established a new Stockland Residential Rental Partnership with Japanese real estate investor Mitsubishi Estate Asia.
At the same time, Stockland sold its full retirement village portfolio for close to $1 billion to global investment fund EQT, and CEO and Managing Director Tarun Gupta (pictured right) delivered a parting shot to retirement living operators.
Last Friday, the Sydney-based business revealed it had paid $47.5 million for a 13ha site (marketed as St Germain Village, pictured above) at Clyde North, 35km southwest of Melbourne’s CBD. The proposed new Stockland Halcyon community will be within the St Germain Estate and adjacent to the future St Germain Town Centre.
“Subject to planning approvals we anticipate delivering approximately 278 home sites with a clubhouse and recreational facilities,” said Kingsley Andrew, Executive General Manager of Land Lease Communities at Stockland.
Stockland Halcyon has two LLC projects in close proximity to the proposed community: Stockland Halcyon Minta in Berwick, which is under development, and Stockland Halcyon Evergreen in Clyde, which is in the planning stage.
