It was nine months ago that Stockland announced, after an 11-year break, that it had paid $43 million for a 30.6ha site at Armstrong Creek, a suburb of Geelong, Victoria, for a 500-lot traditional housing estate.
Then it spent $18 million for a 12.7ha block, also in Armstrong Creek, for an over-50s land lease community of 250 homes.
Now Stockland has spent about $60 million for a 26.12ha farm at Curlewis, another Geelong suburb, for a land lease community and traditional housing estate as it continues its land lease expansion. There will be
325 homes in the land lease development and 100 traditional homes.
“This acquisition gives Stockland a unique opportunity to add to our pipeline of 9,000 LLC sites across Australia and build on our current exposure in the Greater Geelong and Bellarine Peninsula markets,” Stockland Halcyon Communities executive general manager, Richard Rhydderch (pictured) said.
“There has been significant infrastructure spend in the region including proposals for a new ferry terminal, significant road upgrades and completion of the Geelong Convention and Exhibition Centre.”
Stockland is clearly targeting James Kelly’s Lifestyle Communities, which has six lifestyle communities in the Bellarine Peninsula.
Stockland paid $620 million for Queensland LLC developer and investor Halcyon last July, giving it access to 3,800 Queensland lots and 100 staff.
In Melbourne’s south east, Stockland owns building blocks for land lease communities at Berwick, Clyde and Clyde North, which it paid $47.4 million in March.
