Melbourne-based developer ID_Land has added two new sites to its portfolio that will yield 770 residential lots with a combined end value of $170 million.
The developer has purchased a 48-hectare land parcel in Wollert in Melbourne’s north and a 65-hectare parcel in Plumpton.
The Wollert site, acquired this week, is located within the Wollert Precinct Structure Plan which is slated for Government gazettal in 2016.
The site, which borders Craigieburn Road and Vearings Road, is set to include a Victorian State School and 520 residential blocks once complete.
ID_Land purchased the site from a local vendor who farms the land, with Andrew Egan of Biggin and Scott Land brokering the deal.
In addition, the developer’s recent Plumpton acquisition adjoins its existing 67-hectare land parcel on Taylors Road, which will allow ID_Land to deliver a consolidated 132-hectare land parcel of 1000-plus blocks.
This project will be linked directly to the existing Caroline Springs town centre via shared paths along Kororoit Creek, and will encompass a 40-hectare state reserve.
ID_Land has been steadily building its land portfolio in the last 18 months, with the company now boasting a total of seven land developments and a Brunswick townhouse project, with a pipeline of 4,000 residential allotments totalling $800m.
Among the developer’s portfolio is a $300m, 1600-lot master-planned community in Truganina in joint venture with public company, Folkestone, a $45m, 238-lot project in Officer, also in joint venture with Folkestone, and a $90m, 550-lot project in Armstrong Creek, in joint venture with Geelong business identity Frank Costa.
[urbanRelatedPost][/urbanRelatedPost]“We have been actively seeking out new acquisition opportunities in various locations over Victoria in the past 18 months, and these two sites ticked all the boxes for us,” said ID_Land Director Jeff Garvey.
“We are particularly drawn to greenfield sites with existing amenity such as transport and shopping facilities nearby, that are located between 20km to 40km from Melbourne’s CBD.
“Wollert, which adjoins Epping, is ideally positioned between Craigieburn and Mernda and will essentially form a bridge between these two thriving suburbs, delivering a wealth of existing amenity within a small radius of the project.
“In addition, acquiring the adjoining site to our existing Taylors Road project has effectively doubled our land holding while providing additional frontage to Taylors Road.
“At the moment our business is currently weighted with land representing approximately 80 percent of our sales however we are actively seeking to slightly adjust this figure as we identify potential medium density sites in the inner and middle suburban rings.
“Our immediate goals are to turn over between 50 to 100 medium density products a year and continue our growth in Melbourne’s fringe."ID_Land will now look to submit plans for the project to council, with the aim to launch the project once the Wollert PSP has been gazetted in early 2016.
Pictured: ID_Land Directors Jeff Garvey and Matthew Belford