Stockland announced its intention after acquiring a 12ha site in Armstrong Creek, the largest continuous growth area in Victoria, consisting of 2,500 hectares of land able to be developed. Armstrong Creek, which is a suburb of Geelong, 72km southwest of Melbourne’s CBD. It will provide housing for between 55,000 to 65,000 people.
Stockland, which in April delivered its biggest retirement village resale result since 2017, announced its move into the land lease sector in 2019.
Stockland’s General Manager of Land Lease Communities at Stockland, Kingsley Andrew, said the strategic acquisition adds to the company’s developing pipeline of more than 7,800 sites across Australia.
“Continuing to grow our land lease business is aligned with our ambition to become a leading land lease communities operator,” Mr Andrew said.
Construction is due to begin early in 2023.
It will be the third lifestyle village in the Armstrong Creek growth area and the 11th in the City of Greater Geelong. The purchase follows Stockland’s recent return to the Geelong property market with a $43 million acquisition of a development-ready housing estate, also in Armstrong Creek.