Stockland secures Beveridge masterplanned community site

Stockland has confirmed its acquisition of a 140ha site at Beveridge, building on its strong residential pipeline in Victoria. Located 36 kilometres north of Melbourne’s CBD, Stockland will commence sales and initial site works in mid-2022. The acquisition at Beveridge follows other recent purchases in Victoria at Armstrong Creek, near Geelong, and Wattle Park at Tarneit. The site at 75 Stewart Street and 261 Beveridge Road is adjacent to Stockland’s existing Cloverton community in Kalkallo. The 140-hectare site will see Stockland build around 1,400 homes in a future masterplanned community located within the rapidly growing Mitchell Shire Council in Melbourne’s northern growth corridor. The site is the largest permit-approved project within the Beverage area and allows for development of housing, a town centre and other mixed-use precincts, schools and open space, all anchored via a proposed train station. Stockland Communities CEO Andrew Whitson said the acquisition from Ouson Group came at a time when the outlook for the masterplanned community market is positive, supported by low mortgage rates, access to credit and an ongoing preference for low density living, bolstered by more time spent at home as a result of greater workplace flexibility. "The future masterplanned community will be complementary to our vision for the nearby Cloverton community with a focus on liveability and community,” said Mr Whitson. Stockland’s General Manager of Residential for Victoria, Mike Davis said Cloverton is set to become the metropolitan hub of Melbourne’s north and will provide future residents at Beveridge with essential services and amenity with health and tertiary education infrastructure included in future plans. Cloverton is home to more than 2,500 residents with the community’s first primary school to open in 2022, with planning for a further two schools well advanced. Stockland has over $2.6 billion invested in Victoria. Olsen had held the property on an extended settlement agreement since 2016.