Stockland acquire Ivanhoe site with plans for 90-townhouse development

Stockland have announced a prospective 80 to 90 townhouse development in Melbourne’s north-east suburb of Ivanhoe, following the acquisition of a 1.95 hectare former school site.

The development will have frontages to Banksia Street, Jellicoe Street and Wadham Road. The area has been designated as a Residential Growth Zone by the Banyule City Council, allowing for more medium density homes.

There will be six different designs that aim to modernise the traditional Victorian terrace, as well as be thermally and energy efficient.

The townhouses will be two and three storey terraces, with three to four bedrooms. All will have on-site parking, some with two car spaces and some with home offices.

Construction is expected to begin in mid-2015, pending council approval, with sales to begin at the end of 2016 to early 2017. The sales point, while called “attractive”, has yet been released.

Stockland managing director and CEO Mark Steinert said the development is a prime opportunity for the company.

“Ivanhoe is already well serviced by a local train station and bus transport routes, and residents will also enjoy the convenience of local retail and a full range of other public infrastructure services,” said Steinert.

“This acquisition reflects our strategy to diversify our residential business by developing more medium density communities in the inner and middle ring suburbs of our cities.”