Melbourne-based developer ID_Land has announced the acquisition of a 1.42 hectare site in Yarraville.
The site, purchased for $20 million, is expected to add $100 million to the developer's portfolio of townhouses once complete. The Yarraville site is located 6km west of Melbourne’s CBD at 2 Banool Avenue.
The acquisition comes after the developer altered its development pipeline in 2016 to focus on more medium-density townhouse projects. The latest acquisition is expected to yield 100 townhouses.
ID_Land joint managing director Jeff Garvey said redevelopment sites of this scale, so close to the CBD in established areas like Yarraville, were perfectly suited to the developer’s townhouse strategy.
The developer has timed the acquisition with its entry into the housing construction market, recently announcing the launch of "Shape Homes", a joint venture with the former director and founder of Creation Homes, Sean Lefoe.
Shape Homes will offer both traditional house designs and medium density product, servicing the developer’s own land and infill holdings – including its new Yarraville site – in metropolitan Melbourne and Geelong, as well as other developer projects across Melbourne’s in-fill sites and growth corridors to deliver market-leading detached homes and medium density solutions.
“We are excited to announce our joint venture partnership with Sean Lefoe and the launch of Shape Homes. Sean brings a wealth of experience as the founder of Creation Homes so we are looking forward to combining his expertise in construction with our development experience to offer a unique perspective on the wholesale builder market," Garvey said.
“With projects like our latest acquisition in Yarraville, which has a current median house price of over $1 million, we can design a product that will deliver a superior outcome at an attainable price point for the growing number of residents that are calling the area home."Shape Homes managing director Sean Lefoe said, “Joining forces with Matthew and Jeff to create Shape Homes is an exciting opportunity to work with an experienced and successful developer and we will be striving to provide high levels of service and quality to all developers across the built-form space, working with them from planning through to delivery."ID_Land has a portfolio of over 600 townhouses throughout Melbourne and Geelong, and a pipeline of over $1.3 billion across its greenfield and medium density holdings.
The sale was managed by Melburnia Group’s Zoe Zhu and Kevin Phuong.