Melbourne-based developer ID_Land is rapidly expanding after adding a further $40million+ to its portfolio.
The developer acquired a 1.4 hectare site in Hadfield, near Pasco Vale, with a permit for 64 townhomes.
The acquisition was the third of its kind for the developer in the past 12 months, following its other recent medium density acquisitions in Pascoe Vale and Port Melbourne last year, where it will develop a combined 140 townhomes as ID_Land looks to further bolster its landholdings in the townhome market.
With a combined pipeline of over 4,000 residential product across both land and medium density housing worth over $1 billion once complete, ID_Land said medium density would remain a strong component of its portfolio for many years to come.
“Our medium density business model aims to seek out boutique infill sites that are close to existing infrastructure and transport, in established areas that have a thriving residential culture," ID_Land Joint Managing Director Matthew Belford said.
“This model perfectly complements our land model which targets sites that are located in strategic greenfields growth corridors where extensive amenity is planned.
“As the median metropolitan Melbourne house price edges towards $1 million, for many Victorians, luxury-appointed townhomes are a viable alternative that allow them the opportunity to remain in the suburbs where they grew up or where their children go to school, where traditional homes prices might be out of reach," Mr Belford said.
ID_Land Joint Managing Director Jeffrey Garvey Victoria’s economic outlook and population growth would help to keep the townhome trend bolstered for the foreseeable future.
"We are actively seeking to develop between 100 – 200 townhomes per annum in order to meet this demand," he said.
ID_Land's development $1 billion portfolio consists of the $300 million Elements master-planned community in Truganina, the $120 million Amber project in Wollert, and the $100 million, 550-lot Watermark project in Armstrong Creek in Geelong.
The acquisition came as ID_Land recently celebrated its first award at the Urban Development Institute of Australia’s Awards for Excellence, with its recently completed Brunswick development, ‘The Barkly’ that took out the award for best medium density development at both a state and national level.