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Development company ID Land have added two new sites to their Victorian portfolio, in inner-Melbourne and Geelong.
The private Melbourne developer expects the two acquisitions will eventually add a combined value of $125 million to the developer’s portfolio.
The Brunswick acquisition comprises two adjoining sites in Barkly Street and was bought for $5 million.
The purchase represented ID Land’s first foray into the apartment market, with the 1,430sq m site likely to yield nine-storeys and approximately 70-80 apartments along with ground level retail and commercial.
The developer’s second purchase is 24-hectare greenfield site in Barwon Heads Road, Geelong. The site, located adjacent to the developer’s current Watermark project, was acquired for $9 million and will yield over 350 houses on completion.
Related reading: ID Land Makes $20m Yarraville Acquisition for Townhouse Project
The land forms part of the Armstrong Creek Horseshoe Bend Precinct Structure Plan which encompasses a total area of 640 hectares and will offer four new schools, three neighbourhood and local activity centres and 82-hectares of public open space.
Townhouse development had previously been a major focus for the company, representing 30 per cent of ID Land’s portfolio. ID Land director Matthew Belford said that population-driven demand in all facets of the residential market inspired the developer to diversify.
“We now see an opportunity to further diversify into apartments off the back of the continued strong demand for good quality, inner-suburban developments that are located less than five kilometres from the CBD.
“Our long term strategy is to have an evenly weighted portfolio between land, medium density and apartments so we will be actively looking for more sites as the year progresses,” he said.
The acquisitions now go towards ID Land’s development pipeline of over $1.5 billion.
Both sites will now move to the early planning stages with planning approval expected later on this year.
