Stockland acquires 114 hectares of Minta Farm, Berwick, South East Melbourne
18 January 2017
Stockland, Australia’s largest
residential developer, has agreed to acquire approximately 114 hectares
of farmland forming part of Minta Farm fronting Soldiers Road in Berwick
in the Casey urban growth corridor, 46 kilometres south east of the
Melbourne CBD.
Mark Steinert, Managing Director and CEO at Stockland, said: “This
property is one of the best greenfield development sites in south east
Melbourne and we expect the development to deliver an IRR within the
target range of our Residential business. It will increase our weighting
and exposure to the growing Melbourne residential property market,
allowing us to maintain strong sales momentum for many years to come.
“We have a strong brand presence and an excellent reputation for the
design, development and delivery of high-quality communities in
Melbourne. This acquisition presents us with a unique opportunity to
follow on from our series of recent, successful developments in the
area, such as Eve, Sierra, Arbourlea and Selandra Rise, which was
recently recognised by the
UDIA as
Victoria’s best masterplanned
community for 2016.”
Minta Farm is located within the Urban Growth Boundary (UGB) and is
currently subject to a Precinct Structure Planning (PSP) process. The
PSP process is expected to proceed to a public consultation phase in
early 2017 with gazettal and rezoning possibly to occur within 12
months. Subject to a successful rezoning outcome, first land sales may
commence in 2019 or 2020. The land is anticipated to yield approximately
1,700 lots over the trading life of the project.
Andrew Whitson, CEO Residential at Stockland, said: “We’ve maintained
our very disciplined approach to new residential land acquisitions. The
acquisition of this site will enable us to extend our strong brand in
the south east of Melbourne. We will work with local and State
government throughout the PSP process to plan for this new community and
focus on the delivery of affordable new homes to residents in the south
east.
“We are now planning and actively developing several of the largest new
residential communities around Melbourne, bringing on new supply to get
more people into affordable new homes in the growth corridors. This is
evidenced by 75 per cent of our buyers being owner-occupiers and 50 per
cent of sales going to first home buyers.”
Minta Farm is located at 2 – 106 Soldiers Road, Berwick, on the southern
side of the Princes Freeway. The property includes some outstanding
natural and heritage features including ornamental lakes, extensive
views, established landscapes and conservation areas.
Mike Davis, General Manager Victoria at Stockland, highlighted the
following key facts about the property:
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Approximately 114 hectares of land with excellent access to existing and planned infrastructure.
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Located approximately 2.2 kilometres from Beaconsfield Train Station, which will provide future residents with a commute of around one hour to the Melbourne CBD; 800 metres from Berwick Chase Primary School; 1.5 kilometres from Hillcrest Christian College; 3 kilometres from Haileybury College; 1.5 kilometres from Eden Rise Shopping Centre; 5 kilometres from Berwick township.
Please note that all distances quoted are approximate.
--ENDS--
Source: Stockland - www.stockland.com.au
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