ID_Land expands residential land offering near Gisborne

ID_Land has bought a residential house and land site north-east of the Gisborne town centre.

It paid $100 million for the mixed-use site, billed as the last big development parcel in the expanding country town about an hour north of Melbourne, according to the Australian Financial review.

The three title site has 266 hectares near the Rosslynne Reservoir off the Calder Freeway.

Its 86-hectare lot on Ross Watt Road is zoned for residential use and tipped to yield about 718 housing lots, which will assist the developer restock after bumper sales over the past year.

The 174 hectare cattle farm at 9 Lawson Road could be divided into 40-hectare rural lots.

A 5.7-hectare lot on Black Forest Road is suitable for a single dwelling or hobby farm.

The vendor was the Barro Group, a supplier and distributor of pre-mixed concrete and quarry products.

It was sold by Biggin & Scott Land who considered offers from Satterley, Avid, YourLand and Metro Property Development to acquire the site.

ID—Land's acquisition follows its 2019 launch of its $250 million Willow Estate on the other side of Gisborne. 

It now has a $2.5 billion project pipeline including sites along Barwon Heads Road in Armstrong Creek, south of Geelong, to be called Haymont, with more than 400 lots.