Signalling its re-entry into the Melbourne residential market, Stockland has plans for a 150 apartment project in Brunswick after purchasing a development site for $15 million.
The proposed design for the 4023 sqm site includes 150 apartments and townhomes, with many featuring city views, and ground floor retail space, subject to Moreland City Council planning approvals.
The site, located five kilometres from the Melbourne CBD with direct park frontage, sits in the heart of the inner city suburb with excellent transport connections, retail and local services, and is in line with Stockland’s focus on increasing residential projects such as townhomes and mid-highrise apartments across the nation’s major capital cities with a bent towards owner occupiers.
Stockland chief executive Mark Steinert confirmed the acquisition, with the project expected to contribute to operating profit from financial year 2023.
“I’m delighted to confirm this acquisition, which aligns with our strategy to build a meaningful apartments pipeline in areas with strong demand, close to transport and amenity,” Steinert said.
“We have a clear strategy to leverage our capabilities and diversified business model to create assets to drive security holder returns, and this project extends our strong Communities brand into a deep, established market.”
Stockland Communities chief executive Andrew Whitson said the Brunswick area is forecast to be undersupplied over the next five years. “Our strong brand presence as the leading residential community developer in Victoria, and reputation for creating quality homes is matched by our desire to help first homebuyers and families enter the property market,” he said.
The Albert Street site sits among Melbourne’s thriving coffee, culture and food scene, with parks, sports and recreation facilities, and transport including trams, trains, bike and walking paths all on the doorstep.
The ASX-listed housing developer announced its funds from operations fell 5.6 percent to $384 million in the six months to December while statutory profit lifted 68.1 percent to $504 million, while announcing its results last month.
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