In the upcoming months of 2015,
Stockland will be constructing 12,000 new homes in northern Victoria.
This expansion will be the largest residential community development that has ever been undertaken in Victoria. The $4.6 billion development will be known as Cloverton, and will occupy 1,141 hectares in Kalkallo, located in Melbourne’s northern suburbs.
Cloverton will be a significant addition to Melbourne’s current housing stock and will feature a 60-hectare city centre. The centre will include a regional shopping centre, retirement village, train station and four additional town local centres.
Stockland Managing Director and CEO, Mark Steinert believes that Cloverton will eventually become a brand new city that will provide enough resources for 30,000 people.
“We will lay the foundations for the retail logistics and business parks, employment centres, childcare, primary, secondary and tertiary educational facilities that residents would expect to see in a vibrant, thriving city of this size.” Mr Steinert said.
Cloverton represents the second of two major new developments for Stockland in Victoria, following the recent launch of The Grove in Tarneit. The Grove achieved 55 lot sales on its first day of release.
Group Executive and CEO Residential at Stockland, Andrew Whitson believes that Cloverton will significantly increase Stockland’s residential exposure in Victoria.
“The reweighting of our Victorian Residential business ensures our portfoilio and pipeline is well aligned with the economic opportunities that exist in Victoria.” Mr Whitson said.
Stockland is planning to invest more than $1.3 billion on residential, retail and retirement living developments in Victoria over the next 10 years.