ID_Land’s Port Lane sells out, generates $150M in six months
Port Lane, the Port Melbourne townhouse development by ID_Land, has completely sold out in only six months, generating $150 million in sales since its February 2021 launch.
The 122 townhouses managed to sell out despite rolling lockdowns across Melbourne, reflective of the confidence ID_Land continues to have in medium-density, following the previous success of its now sold-out Yarraville Place.
Delivered in collaboration between ID_Land, Rothelowman and Hecker Guthrie, each residence celebrated light, softness and subtlety with a refreshing design.
Buyers have been motivated by the opportunity to be closer to the inner city, with the proximity to amenities, and competitive pricing compared to established housing, further driving a surge in interest.
Medium-density now comprises 30 per cent of ID_Land’s $3 billion portfolio, with the developer continuing to seek acquisitions to further grow this part of its business.
To be built by Shape Homes, the homebuilding arm of ID_Corp, the construction of the townhomes at Port Lane is set to commence in 2022.
"We are proud to be working with some of our most-trusted collaborators – Rothelowman, Hecker Guthrie and Tract – on Port Lane, they all bring strong reputations and decades of experience, which drove confidence in the final product", ID_Land’s joint managing director Matthew Belford said.
"We see medium-density projects complementing our growing greenfield pipeline, as the market continues to respond to these inner-city precincts in sought-after locations – this also gives us the confidence to continue acquiring such sites,” he said.
Located just a five-minute walk to Port Melbourne Beach and a 20-minute tram into the Melbourne CBD, Port Lane was designed to deliver great connectivity, with manicured pocket parks, barbecue areas, and gardens all located right on its doorstep.
“Port Lane presents a rich opportunity to deliver a strong lifestyle experience, linking quality interior living spaces to generous outdoor experiences”, Rothelowman principal, Stuart Marsland said.
“The architectural response is delivered through a palette of materials embracing the bayside context, with a nod to Port Lane’s site heritage.”
Coming home to Port Lane feels like returning to a sanctuary, with a verdant entrance pergola and a material palette of slate, cool grey and crisp white.
Belford believes the medium-density market will continue to soar, as buyers continue to resonate with the lifestyle benefits of living closer to the city’s inner and middle-ring suburbs; accessibility to amenities, proximity to essential services, education, public transport, and employment opportunities.