Stockland acquires Craigieburn site for $57.5 million

Stockland has splashed $57.5 million for the neighbouring 108-hectare site to its Highlands residential community in Craigieburn.

Stockland purchased the residential zoned land from Places Victoria, which will house more than 1,200 new home sites.

The acquisition will enable the expansion of Highlands from 7,059 lots to more than 8,200.

“We support the Victorian Government’s commitment to expediting the delivery of affordable, new homes in Melbourne’s northern growth corridor,” says Mark Steinert Stockland managing director and chief executive officer.

“This acquisition enables us to further leverage the core residential, medium density and mixed use capabilities within our business,” explained Mr Steinert. “We’re seeing clear evidence of improving market conditions and increased sales volume in Victoria. This acquisition will support our key focus on improving our residential profits.”

Andrew Whitson chief executive officer of residential at Stockland says the newly acquired development site will extend the life of Highlands, Stockland’s most successful and south-after residential community in Victoria.

“Our acquisition of this large parcel of neighbouring land is a big win for anyone who wants to build their dream home in the growing and thriving Highlands community.

“Highlands offers an excellent selection of home sites, a great choice of nearby schools and the community is within easy walking distance of the town centre,” says Whitson.

Stockland has sold more than 3,500 lots at Highlands, with prices ranging from $1,33000 to $257,000.

The residential site is located close to the new $330 million Craigieburn Town Centre development, Craigieburn Central, which is due for completion at the end of November.