ID_Land secure 59 hectare Clyde house and land site
ID_Land has spent $140 million on a 59-hectare site about 60 kilometres from Melbourne's CBD, the largest acquisition yet by the multi-billion-dollar company.
It is expected to yield around 1,200 housing lots at 200-230 Moores Road, Clyde, growing the company’s pipeline to 6,000 lots.
The vendors have been growing vegetables for over 110 years, with the site expected to be rezoned to residential over the next few years.
The site fits into the Clyde South Precinct Structure Plan, a proposed 1099 hectare new suburb, which will evolve with retail amenity, schools, and a potential future Clyde Railway Station. ID_Land already has a pipeline at Geelong, Gisborne and Walloon in south-east Queensland.
Headed by joint managing directors, Matthew Belford and Jeffrey Garvey, the ID_Corp group of companies, including ID_Land, is a $3b diversified organisation across development, construction and funds management. The directors believe the Clyde acquisition is a strong addition to the company’s portfolio, allowing the group to anchor a return to Melbourne’s southeast.
“It’s no secret that we’ve seen a significant shift in buyer priorities over the last two years, with more younger buyers capitalising on the economic tailwinds for FHBs to secure their first home – we are expecting this activity to remain relatively strong, underpinned by the affordable nature of the growth area land and inner-city townhouses.” Garvey said.
The AFR reported the $2.4 million per hectare sale price set a new benchmark for un-zoned greenfield land in Melbourne. Core Projects research calculate the south-east growth corridor is the most expensive land market in Melbourne with a median lot price of $425,000.
“Looking to Melbourne’s southeast, we see a similar opportunity to that of regional Victoria. The Clyde South precinct structure plan underpins the confidence we have always had in the area, and we are looking forward to once again delivering high-quality residential stock to this growing locale.”
Recent Clyde acquisitions include Bathla Group's town centre development site which was bought for $67.65 million from National Pacific Properties, the development arm of home builder Burbank Group.
“Our long-term strategy for ID_Corp will see us continuing to invest in Australia’s best performing and fastest growing regions, and delivering affordable supply to where the market needs it most,” said Belford.
Last year Mirvac paid about $70 million for a 30-hectare site at 105 Smiths Lane in Clyde North that is expected to see around 300 lots.