Stockland has purchased two neighbouring sites at Altona North for $48 million and – subject to rezoning and development approvals – is proposing to develop 276 townhouses on the 6 hectare site.
Located 9 kilometres west of the Melbourne CBD, the transaction of the 6.3 hectare site follows Stockland's March acquisition of an 11.5 hectare site at Braybrook, 10 kilometres west of the Melbourne CBD, for $62 million.
Altona North is predominantly zoned Industrial 1 Zone (IN1Z). The site forms part of the broader 67 hectare Altona North precinct (Precinct 15) urban renewal zone. The Victorian Planning Authority (VPA) is currently assisting the rezoning process led by Hobsons Bay City Council.
The precinct was identified as a strategic site in 2016 and added to the VPA prioritised work program under the Victorian Government’s long-term planning strategy, Plan Melbourne 2017-2050.
Plan Melbourne was released in March 2017 and outlines measures to support jobs close to homes, services and transport and identifies the areas that will accommodate Melbourne’s future growth.
[Related reading: Thriving New Community in Melbourne's West]The Victorian Planning Authority and Hobsons Bay City Council have prepared a Comprehensive Development Plan – developed with input from the Western Distributor Authority and other state agencies – to facilitate a new mixed use and residential neighbourhood on formerly industrial land Altona North.
The precinct is anticipated to include:
Council identified the land for future development in 2008, when the Hobsons Bay Industrial Land Management Strategy stated that the precinct was suitable to convert into a residential development.
After years of negotiation between landowners and Hobsons Bay City Council, the Victorian Minister for Planning directed the VPA to assist in the preparation of amendment documentation for the site.
Ben Cantwell, General Manager Medium Density and Completed Homes at Stockland, said the future community would provide future residents with every possible convenience of inner city living while also offering shared community facilities and green space.
“Altona North will provide a range of options to suit first home buyers, upgraders, downsizers and investors. [W]e’re very focused on providing a diverse range of homes in convenient locations and to contribute to the creation of much needed affordable housing and key infrastructure for our future communities.” Cantwell said.
Over the last 12 months, Stockland has commenced construction on more than 600 townhouses in Brisbane, Sydney, Melbourne and Perth.