Stockland strikes $91m deal
Subscribe to Business News.
ASX-listed property group Stockland has invested $91 million in the purchase of more than 4,600 residential lots across three metropolitan corridors in Perth, comprising a total 385 hectares of land.
The purchases were from three different vendors and all were completed over recent weeks, but details were not disclosed.
The acquisition, announced today, includes: a 40ha site in Sinagra for $53 million; 334ha in Baldivis for $27 million; and an 11ha parcel of land in Brabham for $11 million. Stockland says the sites are strategically located in the fast-growing north-west, north-east and south-west metropolitan corridors of Perth.
Stockland group executive and chief executive of residential Andrew Whitson said there were early signs of improved economic conditions in Western Australia, particularly in Perth.
“This additional land will enable us to plan for three new liveable, affordable residential communities over the long term,” he said.
“These acquisitions set us up well to take advantage of future demand in the coming years.”
“The Sinagra site has capacity for nearly 700 home sites, with a large proportion offering views across Lake Joondalup and the surrounding natural landscape, and includes plans for a new primary school,” he said.
“In Brabham, the additional 200 lots adjoin our existing Whiteman Edge project, which enables us to leverage planned infrastructure including a retail town centre, future primary school and the planned Ellenbrook rail line, part of the MetroNet project.”
At the Baldivis site, Mr Dutton said Stockland’s plans for a new residential community would include around 3,700 homes located just off the Kwinana Freeway within 3 kilometres of Wellard Rail Station.
“The site is a 30-minute drive to more than 100,000 jobs, including major employment areas in Rockingham, Kwinana, Henderson and Bibra Lake,” he said.
Today’s deal adds to Stockland’s existing portfolio of assets in WA worth $1 billion and built up during the past 16 years – four shopping centres, six residential communities (with 8,250 lots remaining), one retirement village with an additional village under construction, and two office, logistics and business park properties.
The acqusition also strengthens Stockland’s position in the top spot on the BNiQ Search Engine’s list of land developers ranked by number of WA lots expected to be completed for sale in the current financial year.
At the close of trade Stockland shares were down 0.43 per cent at $4.67 per share.