Stockland grows Melbourne Portfolio after profit slump
Stockland is growing its Melbourne portfolio, having purchased a townhome site in Melbourne’s inner west and a 342-hectare land parcel in Melbourne’s north.
The 210 townhomes will be built as part of its current Altona North project, developed in partnership with Food Investments Ltd and will be delivered over the next 5-10 years.
GALLERY
“This agreement with Food Investments Ltd takes our townhome exposure in Melbourne’s growing inner-west to around 900,” Stockland CEO of communities Andrew Whitson said.
Whitson says ninety-five per cent of its residential portfolio is made up of master-planned communities, with a focus on affordable townhouses.
“Our residential business remains well positioned in under-supplied markets in growth corridors close to transport, and with 85 per cent of our buyers being owner occupiers, which is the strongest demand segment,” Whitson said.
The proposed plan will include a shopping centre and contribute $150 million towards social housing.
In Melbourne’s north, Stockland also announced it entered into a long project delivery agreement to develop 342-hectares of land as part of the Merrifield North precinct structure plan.
“The agreement has been facilitated on capital efficient terms in a strategic growth area, which is currently unzoned and will undergo a rezoning process over the coming years,” the company said in its announcement.
The expansion news comes the same week that the residential developer posted a 70 per cent slump in profits, attributed to devaluations in shopping centres.
The company’s net profit slid to $311 million, though residential sales had remained strong.
Stockland settled on 5,900 new homes and apartments, increasing its market share to 15 per cent.
Stockland’s managing director Mark Steinert said the company will be adding to its residential portfolio, which currently sits at 76,000 lots.
Images courtesy of Stockland
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