Stockland set to acquire 130ha in Clyde

28 September 2020

Stockland are reported to be the front runners for a 130 ha parcel of future residential land in Clyde in Melbourne’s south east.

The property which was put on the market in April this year attracted a number of parties given the extent of progress the vendors had taken with the rezoning of the site. The property is within the Cardinia Creek Precinct Structure Plan, and is opposite the planned City of Casey, Clyde proposed sports precinct and Melbourne water, Clyde Regional Park.

The site consists of two parcels at 195 Ballarto Road (63.85 ha) and 470 Pattersons Road (66.73 ha) and were offered in one line or as separate parcels. The vendors farmed the land since 1977.

Stockland are reported to be in due diligence to acquire the site for approximately $180m with a circa 30% initial payment and the balance in 2025.

According to planning documents, the site has the potential to accommodate 1500 dwellings with approximately 1212 standard housing lots as well as a range of higher density lots.

Based on the proposed purchase price, the acquisition represents about $120,000 per lot.

The site is near to another 71ha site which was sold in 2019 by long term market gardeners, the Grossi Family. That site was expected to yield circa 880 lots and the sale of the site at $105m equated to $1,909,090 per developable hectare or approx $119,000 per lot.