Stockland adds western Melbourne Tarneit site to its residential pipeline

Stockland has added to its residential pipeline with a western Melbourne site. It has purchased the undeveloped portion of the Grand Central community at Tarneit in Melbourne. The acquisition within the western growth corridor – 33 kilometres west of Melbourne’s CBD – cost around $50 million. The 38 hectare site will see Stockland create 493 new homes within the existing community. Stockland will commence development, marketing and sales following settlement. “This acquisition enables us to extend our strong brand presence in Melbourne’s western growth area which accounts for more than one third of all Melbourne’s land sales and saw sales double in the 12 months to December 2020," Stockland’s general manager of residential for Victoria, Mike Davis said. Stockland has over $2.7 billion invested in Victoria delivering some of the State’s most affordable communities, including Highlands in Craigieburn and Mount Atkinson and Grandview in Truganina. “This acquisition enables us to extend our strong brand presence in Melbourne’s western growth area which accounts for more than one third of all Melbourne’s land sales and saw sales double in the 12 months to December 2020," he said. There is a range of future amenity planned around the community as part of the Victorian Planning Authority’s Riverdale Precinct Structure Plan, including the Riverdale railway station, a major town centre and a regional indoor recreation facility.