Diversified developer ID_Land has achieved a major milestone across its medium-density portfolio, selling out all 122 townhomes at Port Lane in Port Melbourne in only six months – the project generated $150m in sales since its February 2021 launch.
The strong response to Port Lane is reflective of the confidence ID_Land continues to have in medium-density, following the previous success of its now sold-out Yarraville Place – which launched in late-2019 – and its recent foray into apartments with Canvas Brunswick which recently commenced construction.
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% of ID_Land’s $3b 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 122 Rothelowman and Hecker Guthrie designed townhomes at Port Lane is set to commence in 2022, following in the
footsteps of the company’s work on 98 architecturally designed dwellings currently under construction at Yarraville Place.
ID_Corp is the newly launched corporate brand that oversees ID_Land, Shape Homes and fund manager Title Capital. This overarching entity signifies the company’s evolution into a diversified property group with interests spanning development, construction and funds management nationally.
Port Lane is designed by award-winning architecture practice Rothelowman and renowned interior designer Hecker Guthrie, both of which ID_Land has collaborated with on a number of recent developments.
Port Lane’s location within Fishermans Bend – an area the Victorian government tips to reach a population of 80,000 by 20501 – has influenced its popularity, which has primarily come from surrounding Melbourne suburbs such as Port Melbourne, South Melbourne, Albert Park, and Docklands.
The success of ID_Land’s medium-density projects has underpinned other recent acquisitions; the company purchased a medium-density townhome site in South Morang from Melbourne Water in April 2021, as well as five greenfield sites so far this year, totalling more than $625m in value across over 1,200 residential lots, in Armstrong Creek and Gisborne.
ID_Land’s joint managing director Matthew 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.
“ What we’ve been seeing – particularly in the last 18 months – is a shift in buyer priorities, with more younger families and upgraders seeking out high-quality inner-city stock, that provides ample living space as well as access to essential amenities within only few kilometres of the CBD.
“ 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.
“ 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.