subject: Stockland Acquires Its Biggest Land Transaction to Date [print this page] Stockland Acquires Its Biggest Land Transaction to Date
Stockland has secured a $4 billion, 1,121 hectare land parcel outside of Melbourne, making it the company's largest ever individual land transaction.
To accommodate 30,000 new residents, the property investment group will build 11,500 residential lots, an 85 hectare city centre including provision for a large regional shopping centre, neighborhood centers and retirement living, as well as schools, healthcare, childcare and other community facilities. Subject to planning approvals, the land is expected to be brought to market over the next 30 years with the first settlements due to occur in late 2014 or early 2015.
On Tuesday, Stockland said it the structure of the purchase is based upon a 31 year call option that allows it to acquire the property in a number of staged parcels on largely deferred payment terms.
Stockland CEO Residential, Mark Hunter said, "The deferred payment terms are in line with our focus on efficient use of capital and we've secured an exclusive option to acquire and develop each stage of the project according to market demand."
"The Victorian market remains a key focus for us and this acquisition is a clear fit with our 3-R growth strategy: Residential Communities, Retirement Living and Retail development.
The site, which is located fronting the Hume Highway and the Sydney to Melbourne rail line, straddles three key growth corridors: Hume, Whittlesea and Mitchell. Stockland said italready has an established presence in both the Hume and Whittlesea corridors, while the Mitchell corridor represents a new growth corridor for
the company.
"Lockerbie will benefit from its close proximity to our already thriving mixed-use community at Highlands which includes schools, childcare facilities, a shopping centre and a new retirement village," Hunter said.
