Developer ID_Land buys two Armstrong Creek sites with plans for 500 greenlots
The diversified developer ID_Land has spent $40 million buying two adjoining sites in Geelong's Armstrong Creek which will add over 500 greenfield lots and $135m to its rapidly growing pipeline.
Planning is currently underway for the project, dubbed The Reserve, with the project slated to hit the market early this year.
Regional property sales have experienced significant growth this year, driven by a shift in work- from-home habits, an increased focus on lifestyle amenity, and government stimulus.
ID_Land’s joint managing directors Matthew Belford and Jeffrey Garvey believe the strategic acquisition of the two Geelong parcels will anchor the developer’s regional portfolio and complement its built-form pipeline.
“Throughout 2020, regional projects have consistently outperformed other growth corridors, and we are predicting strong demand to continue over the coming years," the development duo said.
"The other part of our portfolio where we are seeing sustained demand is for medium and high- density living is in the inner ring of metropolitan Melbourne, both of which reinforce the need for diverse housing options throughout regional and metropolitan Melbourne.
“Strong sales across our regional portfolio is reinforcing our team’s belief that regional markets are undergoing a generational shift; the trend towards regional living continues to grow, particularly in the wake of COVID-19 and the rethink in lifestyle priorities it has elicited among buyers.
“Armstrong Creek is an area we have great confidence in, it is an infrastructure-rich location that benefit from a well thought-out precinct structure plan, continued investment from private enterprises and government, and the economic tailwinds created by its forecasted population growth,” Belford said.
“Our regional holdings currently encompass approximately 30% of our portfolio – $250m across the 615-lot Willow in Gisborne, and over 1000 lots at Watermark and Glenlee in Armstrong Creek, which have a combined value of $275m – regional projects will continue to be a focus, given the ongoing demand for high-quality housing stock, available government stimulus, and scarcity of supply across some locales,” Garvey said.
ID_Land Projects
Yarraville Place, Yarraville
Address: 2 Banool Avenue, Yarraville, VIC 3013
Prices from: $820,000
Only six townhouses remains in Yarraville Place, a collection of three bedroom townhouses designed by the award-winning architecture firm Rothelowman. Estimated for completion in early 2022, Yarraville Place townhouses have three or four bedrooms, two bathrooms and off-street parking. They're estimated to be completed in early 2022.
Canvas, Brunswick
Address: 272 Barkly Street, Brunswick VIC 3056
Prices from: $440,000
Canvas was ID_Land's first foray in to the apartment sector, with sales launching in October 2020 for the apartments on Brunswick's sought-after Barkly Street. Another designed by Rothelowman with interiors by Hecker Guthrie, Canvas' façade pays homage to Brunswick’s industrial past. Formed by concrete construction and urban design principles, the visual grid spans the building, framing each apartment.
It comprises 62 one, two and three bedroom apartments, with one bed apartments starting from $440,000 and two bedroom apartments priced from $680,000, with parking.
Address: 2-6 Walter Street, Hadfield VIC 3046
Prices from: $635,000
The Walter is one of ID_Land's finished projects in Melbourne's northern suburb of Hadfield.
Architecturally designed by Peddle Thorp, The Walter comprises 64 townhouses with prices starting from $635,000 for townhouses spanning between 120 sqm and 124 sqm of living space. To get 144 sqm of living space, prices edge up to $685,000.